Any institution that aids criminal activity – knowingly or not – is putting its reputation, profits and possibly its future at risk.

It has become a matter of critical importance for financial services providers to have rigorously accurate data on every organization, every group and every individual with whom they interact. Compliance with legislation such as the 3rd European Union’s Money Laundering Directive, which came into force on 15th December 2007, is not optional. Providers must take a risk-based approach to screening their customer base against third party Sanctions and Politically Exposed Persons (PEP) Lists to prevent criminal access to the financial system.

Datanomic has worked with leading financial institutions to develop a proven, powerful solution for Money Laundering Reporting Officers and Compliance Officers, enabling them to meticulously match their customer data. Many organisations have a number of different databases running on a number of different platforms – our solution is easily connected to existing databases and comes with a pre-configured template for accurately matching individuals and business entities. However, every client has the ability to individually fine-tune these rules determined by the nature of their business in a risk-based approach to anti-money laundering.

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