Datanomic Reduces Scale, Cost and Complexity of Screening Customer Lists to Accurately Screen for Criminal Needles Hidden in Corporate Haystacks’.Data integrity specialists, Datanomic Ltd, today announced the availability of its Watch & PEP List Management solution, specifically designed to address the challenges faced by Money Laundering Reporting Officers (MLROs), through intelligent, automated matching of customer lists with Sanctioned entities and Politically Exposed Persons (PEPs).
MLROs are faced with increasing Know Your Customer challenges. The EU 3rd Anti-Money Laundering Directive, which comes into force on 15th December 2007, requires financial services organisations to fortify their systems against access by money launderers, criminal gangs, known terrorists and others whose activities may compromise foreign policy or national security. The scale, cost and complexity of matching customer records against sanctions lists (Watch Lists’) and named Politically Exposed Persons has become a major administrative burden for compliance departments. The legal requirement to continually, accurately screen entire customer bases means organisations have to continually review large volumes of customer data.
Traditional matching methods rely on extensive manual review, which is time consuming and inefficient, said Jonathan Pell, CEO of Datanomic Ltd. What’s required is a smarter, more sophisticated approach with the type of speed and efficiency that enables financial services institutions to run matches both frequently and effectively. Datanomic’s Watch & PEP List Management solution was designed to specifically address this challenge, and empower MLROs to enforce consistently repeatable compliance with minimal operational overhead.
Compromised data exposes organisations to both financial and reputational risk. Datanomic has templates for matching against a number of different lists, including World-Check 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’s Watch & PEP List Management 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.
In addition to significantly reducing complexity and administrative overhead, Datanomic’s Watch & PEP List Management 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 Watch & PEP List Management 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.
For further information, please contact:Sophie Geering
Datanomic Limited
Tel: +44 (0)1223 228412
Email: sophie.geering@datanomic.com
Vanessa Land
Devonshire Marketing
Tel: + 44 (0)870 242 7469
Email: vanessa@devonshiremarketing.com