Travelex implements anti-money laundering software

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Travelex implements anti-money laundering software

Nick Huber

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.


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