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Wed 29 Apr 2009 12:00 AM

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Saudi bank invests in anti-money laundering software

Investment banking arm of National Commercial Bank implements solutions to thwart financial crime

Saudi bank invests in anti-money laundering software
NCB Capital presently manages around $13 billion in assets and one million clients (Getty Images)

NCB Capital (NCBC) - the investment banking division of Saudi Arabia’s National Commercial Bank - have adopted financial crime solutions to dissuade illegal behaviour and beef up security in trying times.

Launched in 2007, NCBC presently manages around $13 billion in assets and one million clients, making it the Kingdom’s largest manager of wealth for high net worth individuals.

It also has a presence in other parts of the region through its subsidiaries - HC Securities in Egypt, Al Futtaim HC Securities in Dubai and EastGate Capital Group in Dubai.

The financial crime solutions from Norkom Technologies will enable the investment banking arm to monitor transactions across its client base, watching for any suspicious behaviour that involves individuals/entities mentioned on specific watch lists. Additionally, NCBC will be able to assign risk ratings to customers and routinely asses their behaviour over time.

The solutions will be implemented across NCBC’s operations in the Middle East, starting from its headquarters in Saudi Arabia.

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