Norkom’s solutions will be implemented in OTP Bank’s four banking operations in a first phase deployment, enhancing its defences against financial crime and ensuring effective compliance with national and international regulations, including the 3rd EU Money Laundering Directive. This particular directive requires financial institutions to implement a risk-based approach to the management of their AML compliance operations, matching the degree of risk presented by each customer with an appropriate and variable level of monitoring activity, investigation and prioritization.
The implementation of Norkom’s AML and WLM solutions represents an upgrade of the bank’s anti-money laundering technologies, replacing the system that was developed internally and which has been in operation for the past few years.
With Norkom’s AML services suite, OTP Bank will be able to monitor and analyze every transaction and customer interaction across its customer base for suspicious and potentially criminal activity.
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