In an effort to comply with the 3rd EU Money Laundering Directive
Norkom Technologies has announced that OTP Bank, a Hungary-based independent bank, has selected its Anti-Money Laundering (AML) and Watch List Management (WLM) solutions to comply with the 3rd EU Money Laundering Directive.
Reportedly, with Norkom’s AML solution, OTP Bank will be able to monitor and analyze every transaction and customer interaction across its customer base for suspicious and potentially criminal activity. When unusual activity is identified, prioritized alerts will be automatically issued to a team of investigators to begin a step-by-step investigation process to uncover potential criminal behavior.
Filip Verbeke, sales manager for central and eastern Europe and Germanics, Norkom Technologies, said: “OTP Bank is wholly committed to achieving full compliance with the 3rd EU Money Laundering Directive. With Norkom’s risk-based approach to financial compliance, OTP Bank will be able to target investigative resources where it delivers greatest value and reduce the incidence of time-costly false positives, enhancing the effectiveness of its financial crime management and protecting it from the financial and reputational risks associated with money laundering and criminal activities.”