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Latvia’s Norvik Bank fights financial crime with FICO TONBELLER solution

Analytic software firm FICO recently announced 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. 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.

“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,” says 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. FICO TONBELLER provided the best fit for our organization. The 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,” adds 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.”

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2018 INFORMS Conference on Business Analytics and Operations Research
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