Anti-Money laundering software
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Money laundering is now targetted by Travelex, using software from Norkom Technologies. The largest foreign exchange firm in the world will monitor transactions across the group. Reports can then be provided to national and international regulators. Over 29 million customers use the Travelex services every year. Such huge numbers can be difficult to track. The method detecting laundering is by creating profiles of customers based on transactions. Transactions that appeat suspicious are alerted to managers. Prompting by US and European legislation and regulators has made the need for such software an imperative.
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