Legal Service Provider Standardises money laundering screening using Datanomic’s dn:Director Sanctions & PEP Screening Software
AML/Compliance screening specialists, Datanomic Ltd, today announced that legal services provider, DLA Piper, has selected Datanomic’s dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software. DLA Piper will be using the software as part of its strategy for achieving compliance with the 3rd EU Money Laundering Directive and other applicable legislation. The Datanomic software will be used throughout DLA Piper’s EMEA and Asia operations, which includes more than 40 offices in 27 countries.
Globally DLA Piper has over 3,700 lawyers, more than 2,000 of which are based in EMEA and Asia. The legal practice represents multinational, national and local clients across a range of geographies, including Global 1000, Fortune 250 and FTSE 350 companies or their subsidiaries.
“We have been screening new clients against World-Check, which provides us with a global database of heightened risk individuals and entities, since December 2007,” said Mike Pretty, Executive Risk Manager for DLA Piper. “To achieve compliance with anti-money laundering legislation, we needed a way of systematically screening existing clients against the World-Check database on a regular basis for ongoing due diligence. Datanomic’s dn:Director provides us with an efficient means of doing so and assists in our compliance with the myriad of international legislative requirements applicable to our business. Datanomic’s dn:Director Sanctions & PEP Screening software will give us both insight and assurance that we are upholding our high standards of ethical and responsible business practice.”
DLA Piper, which has more than 18,000 active clients in the UK alone, will deploy the Datanomic software in January 2009, initially in the UK, followed by a roll out across the rest of Europe, the Middle East and Asia during 2009. The system will support DLA Piper's screening against sanctions data and PEPs. The legal practice also intends to explore additional ways to use the Datanomic software, such as building its own data sets into searches.
The ongoing client due diligence obligations contained in recent legislation presents organisations with new operational challenges. Inadequate information exposes organisations to both financial and reputational risk.
Datanomic’s dn:Director Sanctions & PEP Screening software enables organisations to rigorously and systematically identify heightened-risk entities within their customer bases. It relieves the burden of manual or semi-automated client screening by enabling automated screening in an easy-to-use/easy-to-implement solution purpose-built for Compliance. Datanomic includes powerful screening rules to match against both commercial and regulatory body/Government watch 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.
Datanomic includes best-practice rules templates for matching against a variety of different lists and works closely with leading legal and financial customers to deliver a highly intelligent client screening solution that is designed for ease of use by non-technical users.
Datanomic’s holistic approach to data quality and screening 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, and also discovering potential regulatory and legislative compliance data issues, in line with proactive risk management. Our clients come from a wide spectrum of industries including financial services, telecommunications, government, healthcare, utilities, professional services and engineering.
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