Travelex, the world’s largest foreign exchange firm, has
chosen software from Norkom Technologies to help it comply with
anti-money laundering regulations.
Travelex will use Norkom’s anti-money laundering and compliance
software implemented to monitor transactions across its group in a
deal for an undisclosed sum.
Travelex, which services more than 29 million customers a year,
will also use the Norkom software help it produce reports for
national and international financial regulators.
The Norkom software builds a profile of customers and scans
business transactions for suspicious behaviour. Managers are
automatically alerted to any suspicious transactions.
Financial services companies are spending more on fraud
detection software in response to stringent anti-money laundering
regulations in Europe and the US.
In December 2003 high-street bank Abbey was fined about £2m by
City watchdog the Financial Services Authority for failing to meet
regulations to tackle money laundering.
Other users of Norkom software include Visa EU, HSBC and Allied
Irish Bank Group.