AS “NORVIK BANKA” (hereinafter referred to as the Bank) has signed an agreement for implementation of Siron® system with a well-known American company FICO TONBELLER (http://www.tonbeller.com/en/), majoring in development of modern technology solution for financial institutions aimed to control suspicious transactions. The said company is represented broadly in the banking sphere not only in Latvia, but also throughout the world, and is one of the leaders in the given sphere. Reliability and efficiency of this system is proven by the large number of financial companies using Siron® (over one thousand of successful implementations), as well as by recommendation from international auditors. Among clients using Siron® system there are many of the banks in Europe, Asia and Americas.
As per requirements of Latvian normative acts regulating anti-money laundering, the Bank have been using self-developed system, which fully met requirement of Latvian legislative acts. In order to enhance efficiency of the transaction control system and pursuant to the recommendation of the American audit company, the Bank’s management have decided to implement Siron system.
The successful implementation thereof will allow improve transaction control significantly, enhance transaction transparency and decrease operational risks of the Bank. It is planned that the first part of the project related to quick assessment of clients ‘data will be implemented until the end of November 2016. The full implementation of Siron system will be completed in the beginning of 2017.