The RHB Banking Group, Malaysia’s fully integrated financial services group, has selected Norkom’s Anti-Money Laundering (AML) solution to meet increasingly stringent regulations centered on anti-money laundering and counter terrorism financing (AML/CTF).
Norkom’s Anti-Money Laundering (AML) solution is designed to help financial institutions to detect and prevent money laundering and the financing of terrorism by enabling the bank to monitor and analyze every transaction and customer interaction across its entire customer base for suspicious activity. When suspicious activity is identified, the solution automatically issues prioritized alerts to a team of investigators, commencing a comprehensive, step-by-step investigation process specifically designed to uncover potential criminal behavior as quickly as possible.
The RHB Banking Group, with its presence in Malaysia and in the region, is continuously enhancing its internal measures to be in line with international best practices in compliance with the Financial Action Task Force (FAFT) recommendations.
”We are conscious that the criminals are continually evolving their methods and we need to invest in enhancing our measures to put in place barriers for entry and modern transaction monitoring capabilities,” said Dato’ Tajuddin Atan, Group Managing Director of the RHB Banking Group.
“We are delighted to announce the RHB Banking Group as a client. Malaysia is a hive of activity right now as it prepares for the FATF 2012 mutual evaluation report. By selecting Norkom’s AML solution, RHB Banking Group will embark on complete compliance with both national and international legislative requirements, and protect its organization and clients from the financial and reputational risks associated with financial crime,” said Bruce Quick, Norkom’s Director of Sales & Business Development for Asia Pacific. ***
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Steve Husk, CEO of FRSGlobal, discusses the factors financial institutions are faced with in order to equip themselves against the current regulatory environment.
The adoption of IFRS for Canadian companies is in full swing. As of January 1, 2010, Canadian companies are required to file financial statements under IFRS. Although Canadian GAAP and IFRS are similar, there are three main differences that have posed a challenge for companies: effectiveness testing, hedge accounting eligibility, and fair value measurement. While not an exhaustive list, these issues have posed the greatest challenge for Canadian corporations during the first quarter of 2010. The following paper clarifies some of the differences in hedge accounting between Canadian GAAP and IFRS and shares best practices for hedge accounting to help Canadian corporations navigate through the transition.
With this Spring 2010 Edition of the Phone System Comparison Chart quickly see differences between brands like Avaya, Mitel, Cisco, ShoreTel, 8x8, Panasonic, etc and compare over 94 phone systems by 52 brands for small to big business.