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LATVIA’S NORVIK BANK WILL FIGHT FINANCIAL CRIME WITH FICO TONBELLER COMPLIANCE SOLUTIONS

LATVIA’S NORVIK BANK WILL FIGHT FINANCIAL CRIME WITH FICO TONBELLER COMPLIANCE SOLUTIONS

HIGHLIGHTS:

  • Leading Latvian bank Norvik Banka will use FICO TONBELLER Compliance Solutions to fight money laundering
  • The solutions will give Norvik Banka greater control over transaction reviews
  • FICO® TONBELLER® Compliance Solutions serve more than 1,000 customers in 90+ countries

Analytic software firm FICO announced today that Norvik Banka, one of the oldest commercial banks in Latvia, will use the FICO® TONBELLER® Compliance Solutions to fight money laundering and financial crime.

More information: http://www.tonbeller.com/en/.

Bank regulators in Latvia have increased scrutiny on banks suspected of allowing money laundering, resulting in record fines and more bank audits.

Norvik Banka, established in 1992, has the country’s widest network of branches and finance and accounting groups. Norvik Banka is a part of Norvik Group, which also covers Vyatka Bank in Russia and Norvik Banka UK Limited in Great Britain.

“The reliability and efficiency of the FICO TONBELLER system is proven by the large number of financial companies using it – more than 1,100 institutions worldwide,” said Oliver Bramwell, Chairman of the Board at Norvik Banka. “We had been using an in-house system to comply with Latvian regulations around money laundering, and based on the latest AML audit we ran a tender with global AML IT providers, of which FICO TONBELLER provided the best fit for our organisation. The FICO TONBELLER system will allow us to improve transaction control significantly, enhance transaction transparency and decrease the bank’s operational risks.”

“Latvia is taking a much tougher stance against financial crime, and Norvik Banka is clearly going to be at the forefront of this movement,” said Torsten Mayer, FICO vice president for compliance solutions. “Using our advanced risk-based approach will help the bank comply with regulations and safeguard its ability to work with other global banks.”

FICO® TONBELLER® Compliance Solutionsserve customers in 90+ countries and analyse 500+ million transactions a day. This suite includes highly integrated software modules for anti-money laundering, tax compliance, counter-terrorism financing, Know Your Customer initiatives and business partner due diligence. Last month, FICO announced that the FICO® TONBELLER® Compliance Solutions are now available in the FICO® Analytic Cloud.

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