RHB Bank, Malaysia’s fourth
biggest bank, has announced it will use anti-money laundering
solution from Norkom, a financial crime detection software
provider.
Norkom’s anti-money laundering solution
detects and prevents money laundering and terrorism finance by
monitoring and analysing every transaction of all customers.
Go deeper with GlobalData
If the system finds suspicious transactions or
other activities, it alarms the bank’s team of investigators, who
will then investigate the activity.
RHB Bank said that it wants to stay up-to-date
with enhanced anti-money laundering software to be in line with
international best practices in compliance.
The group managing director of the RHB Banking
Group, Dato Tajuddin Atan, said:”We are conscious that the
criminals are continually evolving their methods and we need to
invest in enhancing our measures to put in place barriers for entry
and modern transaction monitoring capabilities”.
Bruce Quick, Norkom’s director of sales and business development
Asia Pacific, said that Malaysia was a “hive of activity right now”
as it prepared for the Financial Action Task Force 2012 (FATF).
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By GlobalDataThe FATF will discuss measure to combat money
laundering and terrorism finance.
Both the bank and vendor said that the
solution complies with the standards set in FATF.
