OP-Pohjola Group, the Finland-based financial services group, has selected Norkom Technologies’ financial crime and compliance solutions to enhance its defences against financial crime and comply fully with national and international regulations, including the 3rd EU money laundering directive.
OP-Pohjola Group is made up of more than 200 independent member cooperative banks. It offers a range of banking, investment, life assurance and non-life insurance services to households as well as to corporate and institutional customers.
Norkom’s analytics solutions will enable OP-Pohjola to detect, investigate, manage and report suspicious activities by monitoring and analyzing customer transactions across its operations. The bank’s risk-based approach to customer on-boarding and ongoing due diligence will be supported by Norkom’s CDD / KYC solution, which matches the degree of risk presented by each customer with an appropriate level of monitoring activity, in accordance with the 3rd EU money laundering directive.
Additionally, Norkom’s transaction filtering and sanctions screening solutions will screen and interdict all customer relationships against industry and internal watch lists, protecting the bank from inadvertently doing business with sanctioned persons or entities.
Alain Tayenne, GM of Norkom Europe, said: “Despite the challenges experienced in the financial services industry over the last year or so, especially in the financial crime and compliance marketplace which has seen many vendors make significant losses and exit the market, Norkom has continued to focus on its clients and the financial crime and compliance challenges that they face.
“As a result of this, we’ve been rewarded with existing clients re-investing in our solutions and providing excellent testimonials to new clients such as OP-Pohjola Group. In this way, we continue to expand our global footprint and remain a profitable company.”
