Newcastle Permanent Building Society selects Norkom Technologies' AML solution
21st August 2008
Australia-based Newcastle Permanent Building Society has selected Norkom Technologies' pre-packaged compliance solutions to help Newcastle meet the Anti-Money Laundering/Counter Terrorist Financing legislation.
Under the terms of the deal, Newcastle Permanent will deploy Norkom's solutions across its Australian operations.
With Norkom's Anti-Money Laundering (AML) software, Newcastle Permanent will be able to monitor transactions across all members and accounts to detect, investigate, manage and report suspicious and criminal behavior. When unusual activity is identified, prioritized alerts will be automatically issued to a team of investigators to begin a step-by-step investigation process to uncover potential criminal behavior.
Using Norkom's Watch List Management solution, Newcastle Permanent will be automatically alerted if any entity attempting to transact with the institution is listed on any of the industry's watch lists, ensuring it does not inadvertently conduct business with known terrorists or criminals.