Standard Chartered Bank has officially launched the anti-money laundering software from Norkom Technologies, a provider of crime and compliance services.
Norkom said that the implementation is part of a group initiative to implement the services across the bank’s key countries and businesses to help comply with local anti-money laundering (AML) regulations in China and international regulatory expectations.
In addition to launching the AML applications, the bank has also taken many other efforts on AML, including establishing a transaction monitoring unit, increasing dedicated professionals, revising due diligence procedures, implementing customer database periodic matching technology.
Alan Fung, CEO of Standard Chartered Bank, said: We are delighted to have launched the advanced anti-money laundering solutions in China, through which our capabilities to monitor and identify suspicious transactions will be greatly enhanced. As a bank with over 150 years of continuous operation in this market, we are committed to abide by all local regulations through consistently optimising our operating platforms in achieving a secure and stable financial market environment.
