50,000 Client Records Screened Through Datanomic’s Automated,Proactive Sanctions and PEP List Matching Solution on Monthly Basis
Data quality specialists Datanomic Ltd, today announced that international investment management company, Investec Asset Management, has adopted its dn:Director Sanctions/PEP Screening Solution to enable accurate screening of its client base and help mitigate risk ahead and comply with the EU 3rd Money Laundering Directive.
The Datanomic solution replaces a previously used in-house system, and will be used to screen Investec’s 50,000 client records on a monthly basis. MLROs are faced with ever-increasing Know Your Customer challenges. Datanomic's solution enables organizations to accurately screen their entire customer base and maintain control over their own data.
“Our client base comprises both institutional and retail customers, and we treat them all with a similar risk-based approach,” said Anne Gallagher, Head of Compliance for Investec Asset Management. “Datanomic’s dn:Director will give us greater flexibility, a more robust platform and better reliability for accurately screening our client base. We need up to date information from reliable data sources with the ability to run queries and reports easily, which is what dn:Director delivers.”
The system will be accessed by both the Compliance Department as well as the Client Relationship team. Regulatory initiatives, such as Basel II, MiFID and the 3rd EU Money Laundering Directive, have placed stringent information management requirements on Financial Services organisations. The scale, complexity and cost of screening customers against published sanctions lists (‘Watch Lists’) and named PEP lists is becoming a major administrative burden for compliance departments. The legal requirement to continually and accurately screen their customer base presents organisations with new operational challenges. Traditional matching methods require a smarter, more sophisticated approach.
Datanomic’s Sanctions/PEP solution enables users to define how closely any two records match. Standard comparisons are pre-configured but can be edited, removed or new ones added in a risk-based approach. When the defined thresholds are met, the decision of Match, No Match or Review can be automated. Most importantly, Datanomic’s match rules mean manual decisions made on reviewed records will automatically be remembered next time the data is processed, unless either record has changed.
Compromised data exposes organisations to both financial and reputational risk. Datanomic has templates for matching against a number of different lists, and has worked with leading financial institutions to deliver a highly intelligent data matching solution that is designed for ease of use by non-technical users.
In addition to significantly reducing complexity and administrative overhead, Datanomic’s Sanctions/PEP Screening Solution delivers industry best practice, providing a base from which management can develop tailored policies and procedures appropriate to their business. By reducing the amount of manual matching required, Datanomic’s solution frees up resources to focus manual effort on more complex tasks. Moreover, improving the effectiveness of enterprise data applications further enhances corporate performance and competitive advantage.
Datanomic’s Sanctions/PEP Screening Solution delivers a rapid return on investment and fast implementation. The solution can be purchased as a technology package that is owned in year one, rather than as a service commanding an annual fee.
Datanomic’s holistic approach to compliance and data management enables its growing list of European and North American blue chip clients to rapidly achieve a Return on Investment by exposing and correcting deficiencies in information the business relies upon. Our clients come from a wide spectrum of industries including financial services, telecommunications, government, professional services and engineering.
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