St George tackles terrorism risks
St George Bank has become the first Australian bank to deploy software to comply with the recently enacted Anti-Money Laundering/Counter-Terrorism Financing Act (AML/CTF Act), according to a statement released by St George and Norkom Technologies today.
The software, produced by Norkom Technologies, will enable the bank to monitor and analyse every transaction and customer interaction across its customer base for suspicious activity.
When unusual activity is identified, prioritised alerts will be automatically issued to a team of investigators.
“Norkom’s software suite not only enhances our protection against financial crime but also enables us to ensure effective legislative compliance,” St George AML/CTF program director Steve Bryant said.
“We are proud to become one of the first financial crime and compliance software providers in Australia to deploy a live solution to meet the exacting standards of the AML/CTF Act,” Norkom’s director of sales and business development Bruce Quick said.
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