Travelex, the world's largest foreign exchange firm, is
using software from Norkom Technologies to help it comply with
anti-money laundering regulations.
Travelex, which services more than 29 million customers a year, is
also using the Norkom software to 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 £2m by City
watchdog the Financial Services Authority for failing to meet
anti-money laundering regulations.
Other users of Norkom software include Visa EU, HSBC and Allied
Irish Bank Group.