Bank of South Pacific to deploy financial crime and compliance services suite from Norkom

Under the terms of the deal, BSP is set to deploy Norkom’s services suite in order to support its risk-based approach to anti-money laundering (AML), customer due diligence / know your customer (CDD / KYC) and fraud management.

Thus, Norkom’s AML solution is set to allow BSP to detect and prevent money laundering and the financing of terrorism by monitoring, detecting and analysing all transactions and customer interactions. Its CDD / KYC solution will enable BSP to match the degree of risk presented by each customer with a variable level of monitoring activity, investigation and prioritisation. Moreover, Norkom’s Multi-Channel Fraud service will enable the bank to manage and contain organised fraudulent attacks such as online fraud, internal fraud, debit card fraud and cheque fraud.

The Bank of South Pacific is a retail and commercial financial operator based in Papua New Guinea, with branches across the Pacific Islands of Fiji, Solomon Islands and Niue. BSP offers business and personal lending products, international trade and payment services, transaction and savings accounts plus electronic banking services across ATMs, EFTPOS, internet, telephone and via its recently released SMS banking service.