Latvia’s Norvik Bank Will Fight Financial Crime with FICO TONBELLER Compliance Solutions
LONDON — November 7, 2016
- 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 organization. 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 Solutions serve customers in 90+ countries and analyze 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.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at www.fico.com.
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Porter Novelli for FICO
Europe, Middle East & Africa
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