Further extension of global protection for Sanctions, Politically Exposed Persons (PEPs), Anti-Money Laundering (AML) and Know Your Customer (KYC) screening through Datanomicβs integration of CJKIβs comprehensive Arabic names databases
Cambridge, UK β 26 July 2010 β Risk & Compliance Screening and Data Management specialist, Datanomic, today announced that it has signed a strategic technology alliance with The CJK Dictionary Institute (CJKI), one of the world's leading providers of Chinese, Japanese, Korean and Arabic lexical databases. The partnership enables Datanomic to integrate CJKIβs Database of Arab Names in Arabic (DANA) and Database of Arab Names (DAN), which covers seven million Arabic names and their variants, within its award-winning dn:Director for Sanctions & PEP (Politically Exposed Persons) Screening software to enable financial services companies located within or trading with the Arabic-speaking world to reliably and accurately match their Arabic data against Sanctions and Watch Lists.
With numerous compliance directives around fraud prevention and crime, financial services organisations have had to fortify their systems against access by money launderers, criminal gangs, known terrorists and entities whose activities may compromise foreign policy or national security. Increasingly sophisticated concealment efforts by such groups mean that even with purportedly cutting edge technology solutions, the cost and complexity of matching customer records against the millions of names within international Sanctions, Watch Lists and PEP lists can become a major administrative burden for compliance departments. When the complexity of data held in several different languages, the fact that most international and commercial lists are in Latin characters, the multiple variants of Arabic script transliterations, and even common spelling mistakes are factored into the checks, itβs clear to see that global enterprises face a significant linguistic challenge.
βMost existing solutions on the market fall short of the accuracy required because their transliteration/transcription capability is too basic, and because they do not recognise the massive number of variant Latin forms of Arabic names,β said Dr. Jonathan Pell, CEO, Datanomic. βThis has often resulted in companies adopting a manual process for checking data against Sanctions lists that is extremely time consuming, almost impossible to scale as lists grow, and prone to error, leaving the organisation open to reputational and financial risk. Our alliance with CJKI spells the future of multi-language matching and reliable transcription.β
βBy embedding our resources, Datanomic is significantly enhancing its own software technology and we believe that gives them a huge advantage over their competition. Their enhanced ability to recognise more variants of Arabic names ensures even greater accuracy of results, essential when the stakes for financial organisations are so high,β said Jack Halpern, CEO, The CJK Dictionary Institute. βWith our new database of over seven million entries, Datanomic customers can be confident that any potential false negatives will not go undetected.β
Datanomic intends to expand its alliance with CJKI to include extensive Chinese, Japanese and Korean lexical resources to provide market-leading linguistic matching within the Asia Pacific region, into which it has recently extended its sales operations.
Datanomicβs dn:Director for Sanctions & PEP Screening software is used to screen in excess of five billion client records every month, in more than 100 countries. The solution is the de facto standard for risk and compliance screening for the UK financial services sector, with several of the top ten global Retail Banks, half of the UKβs top ten Wealth/Asset Managers, one of the London Stock Exchangeβs oldest stockbroking firms, and some of the UKβs largest Insurance companies all using its technology.
About CJK Institute, Inc.
The CJK Dictionary Institute, Inc. (CJKI) specializes in Chinese, Japanese and Korean (CJK) and Arabic lexicography. The principal activity of CJKI is the development and continuous expansion of lexical databases of general vocabulary, proper nouns and technical terms for CJK languages, containing over 20 million entries. CJKI has also developed databases and romanisation systems of Arabic proper nouns, the worldβs most comprehensive Spanish-English dictionary, Vietnamese dictionaries, and various others. In addition, CJKI offers a full range of professional consulting services on CJK linguistics and lexicography. www.kanji.org/cjk/index.htm
Datanomicβs flagship enterprise Compliance Screening and Data Management software, dn:Director, helps organizations to improve compliance performance, better manage business risk, save money, streamline business processes and seize more opportunities, by identifying and eradicating problems in customer, financial and product data. Headquartered in Cambridge, UK, with offices in New York, USA, and Singapore, Datanomic was founded in 2001 and is backed by DN Capital. www.datanomic.com
For further information, please contact:
Tel: 0870 7000 166
This press release was distributed by ResponseSource Press Release Wire on behalf of Devonshire Marketing in the following categories: Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.