As part of a group initiative to comply with local and global anti-money laundering legislation Standard Chartered Bank (China) Limited recently announced that it has officially launched Norkom Technologies' anti-money laundering solutions.
This is amongst a series of initiatives that Standard Chartered China has undertaken in response to heightened expectations on AML both in China and globally. In addition to launching the AML solutions, the Bank has also taken many other measures on AML, including establishing a transaction monitoring unit, increasing the number of dedicated professionals, revising due diligence procedures, and implementing customer database periodic matching technology.
Norkom Technologies' solutions monitor banking accounts and transactions, both in real-time and batch mode, to identify suspicious behavior and match these against various watch lists, identifying transactions to or from individuals, organizations or countries that are viewed as 'high risk'. Alerts are prioritized so that the bank can focus its attention on those that represent the greatest risk.
