Malaysia’s RHB Banking Group leads the way in Anti-Money Laundering and Counter Terrorism Financing compliance with Norkom Technologies

Norkom’s Anti-Money Laundering (AML) solution helps RHB Bank to comply with national and international regulations, and enhance defenses against financial crimes

SYDNEY--(BUSINESS WIRE)-- The RHB Banking Group, Malaysia’s fourth largest fully integrated financial services group, has selected Norkom’s market leading Anti-Money Laundering (AML) solution to meet increasingly stringent regulations centered on anti-money laundering and counter terrorism financing (AML/CTF).

Norkom’s advanced Anti-Money Laundering (AML) solution is designed to help world-leading financial institutions to detect and prevent money laundering and the financing of terrorism by enabling the bank to monitor and analyze every transaction and customer interaction across its entire customer base for suspicious activity. When suspicious activity is identified, the solution automatically issues prioritized alerts to a team of investigators, commencing a comprehensive, step-by-step investigation process specifically designed to uncover potential criminal behavior as quickly as possible.

The RHB Banking Group, with its presence in Malaysia and in the region, is continuously enhancing its internal measures to be in line with international best practices in compliance with the Financial Action Task Force (FAFT) recommendations. Dato’ Tajuddin Atan, Group Managing Director of the RHB Banking Group, 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 & Business Development for Asia Pacific, said, “We are delighted to announce the RHB Banking Group as a client. Malaysia is a hive of activity right now as it prepares for the FATF 2012 mutual evaluation report. By selecting Norkom’s AML solution, RHB Banking Group will embark on complete compliance with both national and international legislative requirements, and protect its organization and clients from the financial and reputational risks associated with financial crime”.

About the RHB Banking Group (www.rhb.com.my)

The RHB Banking Group is the fourth largest fully integrated financial services group in Malaysia. The Group’s core businesses are streamlined into seven Strategic Business Groups (SBGs): Retail Banking, Business Banking, Group Transaction Banking, Corporate & Investment Banking, Islamic Banking, Global Financial Banking and Group Treasury. These businesses are offered through its main subsidiaries – RHB Bank Berhad, RHB Investment Bank Berhad, RHB Insurance Berhad and RHB Islamic Bank Berhad, while its asset management and unit trust businesses are held under RHB Investment Management Berhad. RHB’s International Banking Division includes commercial banking operations in Singapore, Thailand and Brunei. The Group also has a non-ringgit based offshore funding operations in Labuan as well as a representative office in Vietnam. It is the RHB Banking Group’s aspiration to deliver superior customer experience and shareholder value; and be recognized as one of the top financial services groups in ASEAN.

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About Norkom Technologies (www.norkom.com)

Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organizations to take intelligent action, control defenses, and evolve strategies against fraud, money laundering, and other types of financial crime. By combining a unique investigative technology platform with deep domain expertise, Norkom has established a solid track record of reducing financial losses, protecting users’ reputations, improving operational efficiencies, and lowering the cost of information technology.

Norkom TechnologiesFiona McLoughlin, +353 1 8739600
Marketing Manager
[email protected]
orBruce Quick, +61 2 9255 0488
Director of Sales & Business Development Asia Pacific
[email protected]

Source: Norkom Technologies