The Compliance Challenge

Money Laundering Reporting Officers (MLROs) and Risk Managers are faced with increasing ‘know your customer’ (KYC) challenges related to regulatory requirements that are designed to stamp out fraud and other illegal activity. The fact is that if you’re doing business with money launderers, fraudsters, known terrorists and other people whose activities may compromise foreign policy or national security then you’re putting your reputation on the line and you may be breaking the law.

Compromised Compliance

Organizations typically use basic matching technology to compare their data records with reference lists from bodies such as the US Office of Foreign Assets Control (OFAC), HM Treasury, commercial list providers (such as World-Check and Dow Jones Watch List) and other lists published around the world or held within the business. In practice this generates a large number of ‘false positives and negatives’ that require manual review, which – aside from being expensive and time consuming – can never assure full compliance.

Sanctions & PEP Screening with Datanomic

dn:Director protects you from regulatory and policy breaches by enabling you to automatically screen your clients and maintain the quality and integrity of your source customer data.

It generates results within days, handles millions of records and can operate as a real time, firewall-style web service to help keep your data compliant in the future.

dn:Director is used by MLROs and Risk Managers in some of the world’s leading financial institutions to:

* ensure accountability and compliance to industry best practice. dn:Director provides a base from which management can develop tailored policies and procedures appropriate to their business;
* reduce the amount of manual matching required, freeing up resources to focus manual effort on the most complex cases;
* improve effectiveness of enterprise compliance data, boosting staff morale by relieving administrative burden, while enhancing corporate performance and competitive advantage.

dn:Director provides a rapid return on investment and the fastest implementation cycle on the market. Read more about dn:Director