Reykjavik (IFN) Three of the Icelandic banks together with The Central Bank of Iceland have selected financial crime and compliance software from Norkom Technologies to increase their protection against money laundering and meet national and international regulatory requirements, Norkom said in a statement on Monday.

Norkom said that Landsbanki Islands, Glitnir Bank, Sparisjóabanki/sparisjodirnir(Icebank) and The Central Bank of Iceland have now agreed a significant contract with the company, it added.

The value of the deal was not disclosed.

Norkom said that the banks will now deploy Norkom's anti-money laundering and watch list management software to monitor transactions throughout their operations in Iceland to detect and combat suspected money laundering and terrorist financing activity.

The software will be implemented in several phases over the next nine months as a major part of the banks' commitment to enhance compliance with strict anti-money laundering regulations.
Norkom's software will also monitor the Icelandic banks' transactions against World Check and other 'watch lists' to immediately identify high-risk individuals, organisations or countries in order to prevent business being carried out with them.

Herman Verrelst, Director of European Operations at Norkom Technologies said: "Norkom was selected by the Icelandic banks against tough competition. As a market leader in Europe we were able to demonstrate our strong track record in implementing highly effective financial crime and compliance solutions with many other major international banking groups."

?We will be working closely with the Icelandic banks to meet their requirements to fight terrorist financing and enhance their compliance with money laundering regulations," Verrelst added.

The contract with the Icelandic banks builds on Norkom's existing client base in over 100 countries, which includes leading global financial services organisations such as Fortis Bank, KBC Bank, Rabobank, Erste Bank Group, HSBC, Natexis Banques Populaires, Standard Chartered Bank and Travelex.

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