Islamic bank's new war on money laundering

CRIME FIGHTING: The new software will help DIB's battle against financial wrong-doing. (Getty Images)

Dubai Islamic Bank (DIB) on Sunday announced it has signed a deal to buy new software to help it crack down on money laundering.

The bank has bought the system from Norkom Technologies, a provider of financial crime and compliance solutions for the global financial services industry.

DIB will implement the crime-fighting solutions across its operations in the UAE and Pakistan, bank chiefs said.

The advanced software will enable DIB to monitor and analyse transactions and customer interactions across its entire customer base to identify and investigate suspicious and criminal behaviour.

Waheed Rathore, head of Group Compliance at Dubai Islamic Bank, said: "This initiative demonstrates DIB's commitment to improve its defences against money laundering and terrorist financing.

"It also reflects DIB's belief that sustainable growth can only be achieved by maintaining high standards of regulatory compliance."

Paul Kerley, Norkom's chief executive officer, added: "This deal represents a significant milestone for Norkom. Having achieved market leadership in Europe, the Middle East is the next logical step towards becoming a truly globalised provider of financial crime and compliance solutions."

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