Bank of South Pacific (BSP), a Papua New Guinea-based financial services firm, has selected crime and compliance solutions from Norkom Technologies. The bank has said that it will implement Norkom’s solutions across its entire enterprise to support its risk-based approach to anti-money laundering (AML), customer due diligence / know your customer (CDD / KYC) and fraud management.
Reportedly, Norkom’s AML solution is expected to enable BSP to detect and prevent money laundering and the financing of terrorism by monitoring, detecting and analyzing every transaction and customer interaction that takes place. Nokom has said that its CDD / KYC solution enables BSP to match the degree of risk presented by each customer with an appropriate and variable level of monitoring activity, investigation and prioritization.
In addition, Norkom’s Multi-Channel Fraud solution is expected to enable the bank to manage and contain organized fraudulent attacks perpetrated across all business units and channels, protecting them against frauds including the increasingly prevalent incidence of ‘kiting’. The company has claimed that the software will provide an investigation and case management functionality, which means that when unusual activity is identified, prioritized alerts will be automatically issued to a team of investigators, commencing a step-by-step investigation process to uncover potentially criminal behavior.
