31 March 2009 News

 

Standard Chartered kicks off AML programme with Norkom

Standard Chartered China has officially begun using the anti-money laundering platform from Norkom Technologies. The implementation is part of a group initiative to implement the system across the bank's key countries and businesses to help comply with local AML regulations in China and international regulatory expectations.

This is amongst a series of initiatives that Standard Chartered China has undertaken in response to heightened global and China's expectations on AML. In addition to launching the AML systems, the Bank has also taken many other efforts on AML, including establishing a transaction monitoring unit, increasing dedicated professionals, revising due diligence procedures and implementing customer database periodic matching technology.

Norkom's technology monitors banking accounts and transactions, both in real-time and batch mode, to identify suspicious behaviour and matches these against various watch lists, trying to identify transactions to or from individuals, organisations or countries that are viewed as 'high risk'. Alerts are prioritised so that the bank can focus its attention on those that represent the greatest risk.

Alan Fung, chief operating officer, Standard Chartered China 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 optimizing our operating platforms in achieving a secure and stable financial market environment."