Money Service Business (MSB), GroupEx Financial Corporation, a leading provider of money transmitting services to Latin America, has contracted with Norkom Technologies to provide financial crime and compliance software as part of GroupEx's ongoing commitment to combat money laundering and terrorist financing. The GroupEx's selection of Norkom will enhance its transaction monitoring capabilities, facilitating plans to expand in markets outside of Latin America.

The Norkom software features advanced detection and profiling capabilities that will accurately identify and alert GroupEx to suspicious activity of various kinds. The case management features of the software will support GroupEx's investigation of suspicious activities in a systematic way, as well as reporting of such activities when appropriate.

As an MSB, GroupEx is charged with detecting and reporting financial crimes and suspicious activities. "Norkom's extensive experience with international financial service organizations, and in particular, its deep understanding of money service businesses, which includes the wire transfer industry, was the key factor in our selection of Norkom. We are confident that Norkom understands our needs as an MSB and that its solutions will accommodate the uniqueness of our business as well as the complexity of regulatory environment" explains Ben Knoll, CEO, GroupEx.

Anticipating high growth and expansion over the next few years, GroupEx recognizes the continuing need to be an industry leader in its anti-money laundering initiatives. Norkom is a standalone, scalable solution that can be implemented quickly in both existing and new operations. "The user friendly design of the Norkom solution provides easily configured parameters that meet specific national or international requirements.

The detection scenarios and profile possibilities provided by the Norkom solution can be easily added to and/or updated to handle new and changing regulations," says Knoll. "This will allow us to expand our operations and keep pace with new regulatory demands without the need for continuous large scale technology investment."

All of Norkom's financial crime and compliance software solutions are supported by a common technology platform. GroupEx Financial can progressively increase their use of the software, to keep pace with new regulatory demands and changes in criminal behavior

The contract with GroupEx builds on Norkom's expertise in the money service business arena where its clients include Western Union, Money Gram and Travelex and adds to its blue chip client base, which includes leading financial services organizations such as HSBC, Credit Agricole, Bank of Montreal, Rabobank, The New York Clearing House, Standard Chartered Bank, Visa, Natexis Banques Populaires, KBC Bank, Fortis Bank, Erste Bank and National Australia Bank Group.

Notes to Editors

About GroupEx Financial Corporation

Since its inception in 1998, GroupEx Financial Corporation has become a leader in the remittance industry offering a suite of services that unite families in the United States and Latin America. GroupEx primarily serves the unbanked immigrant community in the United States who send money to their families in their home countries.

Today, through a network of agents in 20 states, GroupEx reaches over 14 Latin American countries and continues to expand its presence in new markets every day. GFC has alliances with an extensive network of correspondents in Latin America comprised of a variety of financial institutions that are leaders in their field, including HSBC, BBVA, Banorte, Banrural, Banco Industrial, Banco Agricola de El Salvador, Banco Salvadoreno and others.

About Norkom Technologies

Norkom Technologies is a leading provider of financial crime solutions to the global financial services industry. Its solutions enable organizations to detect and combat financial crime, reducing their operational losses, and addressing the industry's ever-changing compliance and regulatory requirements. Norkom provides a portfolio of financial crime solutions, which include products for Anti-Money Laundering (AML), Watch List Management, Card Fraud, Identity Theft, Check Fraud and Internal Fraud.

Founded in 1998, Norkom has operations across North America and Europe. Clients include, Standard Chartered Bank, Erste Bank Group, Travelex, the New York Clearing House, HSBC Bank, Bank of Montreal Financial Group, Allied Irish Bank, Fortis Bank, KBC Bank, National Australia Bank Group, Rabobank, and other global financial institutions and organizations.

For more information please visit http://www.norkom.com

Source: prnewswire