SYDNEY--(BUSINESS WIRE)--Bank of South Pacific Limited (BSP) has selected award-winning financial crime and compliance solutions from Norkom Technologies in an effort to meet escalating regulatory requirements and improve its defenses against increasing levels of fraud.

The largest retail and commercial bank in Papua New Guinea, with operations across the Pacific Islands of Fiji, Solomon Islands and Niue, BSP will implement Norkom’s solutions across its entire enterprise in an effort to support its risk-based approach to anti-money laundering (AML), customer due diligence / know your customer (CDD / KYC) and effective fraud management.

“We wanted a robust solution that would help us gain compliance with the regulators, not only on a local level but on an international level, in addition to helping us manage and defend ourselves against financial crimes such as fraud and money laundering,” explains Kevin McCarthy, BSP’s General Manager, Retail Bank.

“The sheer completeness, flexibility and out-of-the-box capability of Norkom’s financial crime and compliance solutions assured us that our compliance and fraud management needs could be met in their entirety. In addition, we spoke to a number of Norkom clients, which convinced us that this was the right decision,” concludes Mr McCarthy.

Norkom’s advanced AML solution will enable BSP to detect and prevent money laundering and the financing of terrorism by monitoring, detecting and analyzing every transaction and customer interaction that takes place. Its CDD / KYC solution will enable BSP to match the degree of risk presented by each customer with an appropriate and variable level of monitoring activity, investigation and prioritization.

In tandem with this, Norkom’s Multi-Channel Fraud solution will enable the bank to manage and contain organized fraudulent attacks perpetrated across all business units and channels, protecting them against escalating levels of fraud such as online fraud, internal fraud, debit card fraud and check fraud, including the increasingly prevalent incidence of ‘kiting’. In addition, the software will provide rigorous investigation and case management functionality, which means that when unusual activity is identified, prioritized alerts will be automatically issued to a team of investigators, commencing a comprehensive, step-by-step investigation process to uncover potentially criminal behavior.

According to Bruce Quick, Norkom’s Director of Sales & Business Development in Asia Pacific, “We’re currently seeing unprecedented levels of fraud around the globe, attacking all ‘doorways’ to a financial institution simultaneously. By joining Norkom’s expanding community of clients, financial institutions like BSP can avail of the technology, expertise and knowledge garnered by this community to protect it against all forms of financial crimes”.

About Bank of South Pacific (www.bsp.com.pg)

BSP is Papua New Guinea’s largest commercial bank with 35 branches across PNG plus branches in Fiji, Solomon Islands & Niue. BSP offers a full range of business & personal lending products, international trade & payment services, transaction & savings accounts plus electronic banking services across ATMs, EFTPOS, internet, phone and its recently released SMS banking service.

About Norkom Technologies (www.norkom.com)

Established in 1998, 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.