Cap Gemini Ernst & Young work with Norkom

A new money laundering detection and prediction system has been unveiled by Cap Gemini Ernst & Young UK and Norkom Technologies.

The new solution, Money Laundering Detection and Prediction [MLDAP] will help stem the $3 trillion (€3.4 trillion) lost to money laundering each year.

The solution is aimed at all regulated financial services companies, including retail and wholesale banks, insurance companies, securities and fund management operations.

It combines business rules and domain knowledge with data mining techniques and predictive analytics software, which allows the solution to evolve and adapt as money laundering behaviour itself changes over time.

Norkom is a Dublin company whose customers include ING Direct, Esat and Guinness IDV.