Software helps meet anti-laundering laws


Software helps meet anti-laundering laws

Nick Huber
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.

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