Norkom Technologies has been selected to provide financial crime and compliance software solutions to Luxembourg life assurance firm Lombard International Assurance.
Lombard said it was seeking to strengthen its existing compliance risk framework and support its ongoing compliance with national and international regulations, including the third EU Money Laundering Directive.
Dublin-listed Norkom also provides similar solutions to other brands such as AXA, Baloise Group, CNP Assurance, Generali, Co-operative Insurance and Delta Llloyd.
Norkom general manager for Europe Alain Tayenne said the firm was seeing a lot of activity at the moment in the European insurance sector "as the industry comes to terms with escalating regulatory requirements and aims to ensure sufficient regulatory compliance from all members".
Investment vehicle TVC holds a 27 per cent stake in Norkom.
Norkom reported an 8 per cent drop in revenue for the six months to the end of September. Revenues declined to €22.6 million from €24.6 million after what the company has described as a “challenging period”.
Pre-tax profits for the half year fell to €252,000 from €3.178 million..
