Many multi-national financial institutions are failing to ensure risk protection across the group by allowing departments, business units and country offices to maintain disparate legacy screening systems, resulting in the fragmented, inconsistent application of screening rules.

This ‘fractured approach’ creates significant global audit problems, but also impairs consistent enforcement of corporate policies, resulting in potential failures to identify sanctioned individuals or entities, thereby increasing the risk of fines and other punishments from regulators.

In its recent report, “Financial services firms’ approach to UK financial sanctions”, produced by the Financial Services Authority’s (FSA’s) Financial Crime and Intelligence Division, the FSA notes that in its recent research it found “many instances” where country-specific and/or business unit policies and procedures “fail to meet the minimum standards set out in the group wide policy.”

The demands of domestic and international screening regulations increase every year and only a single group-wide deployment can guarantee consistent, global protection and adherence to corporate policies and procedures.

Barclays Plc is one company that has opted for a multi-region single-source solution to ensure a consistent approach across its subsidiaries and international operations. “The global nature of Barclays business means we need to screen accurately across multiple languages” said Paul Fabara, Global Head of Operations, Regulatory Implementation and Planning for Barclays. “We wanted to lead by example and demonstrate Barclays commitment to world class compliance at all levels by implementing what Barclays considers is the industry’s best screening technology and processes.”

Datanomic’s dn:Director Sanctions & PEP Screening software provides a single, consistent company-wide platform, enabling organisations to rigorously and systematically screen their customers against Sanctions, PEP, money laundering, terrorist financing and other risk data sources in both Western and non-Western languages/character sets. It scales from small domestic to full global deployments and offers complete flexibility of screening rules to allow full tailoring to match your international risk profiles.

To find out more about global deployment of dn:Director for Sanctions & PEP Screening, email us at marketing@datanomic.com or call us on +44 (0)1223 228450.