dn:Director solution areas: Sanctions & PEP Screening, Regulatory Compliance

If proactive Compliance management/risk mitigation is to be effective, Compliance Managers from all industries need to rely upon absolutely fit-for-purpose data. Failure to report accurately because data quality management within the organisation is ineffective is not a suitable defence in the face of significant punitive fines and prosecutions that are increasingly being levied by regulators or Government bodies.

The answer is to ensure that all data that feeds the Compliance function is accurate, complete, consistent and appropriate – ‘fit-for-purpose’ in our terminology.

The recent Turner Review of the Financial Services industry is heradling an era of much more stringent, tougher legislative control, with the Financial Services Authority filing its teeth to deliver ever more substantial punishments for non-compliance. Increasing pressure on Compliance Managers over issues such as Capital Adequacy, Risk Management, regulation of non-traditional investment intermediaries, Internal Fraud prevention etc will significantly affect the granularity of detail required for analysis and reporting.

Datanomic’s dn:Director can help to identify anomalies, inconsistencies, incomplete and inappropriately-entered data from any of your source application, in any format, preventing them from unwittingly jeopardising the quality of your compliance reporting.

Designed for use by non-technical and technical staff alike, dn:Director’s user-friendly tools and easy configuration options allow Compliance professionals to collaborate effectively with technical teams and business data owners to correct any issues. In addition, its ‘virtual data firewall’ (a configurable set of rules to prevent future degradation of the data) protects the accuracy of your reporting going forwards.

To see how your Compliance reporting could be improved with fit-for-purpose data, register for our free QuickStats Workshop.

Client Screening

Effective, regular screening of customers against governmental, industry or third-party watch and sanctions lists is now a pre-requisite for every financial services organisation. Failure to comply with Anti-Money Laundering (AML) legislation – such as the 3rd EU Money Laundering Directive (3EUMLD) – and with Proceeds of Crime (POC) and Counter-Terrorism Funding (CTF) and a wide range of other regulations is costing some organisations hundreds of millions of pounds in fines, not to mention the PR and brand damage from transacting with undesirables such as terrorists, terrorism financiers or international fraudsters.

It is not enough to simply screen at client on-boarding and hoping that you’ll spot any suspicious transfers with Transaction Monitoring – most terrorism funding occurs in plain sight, using small scale transactions. The answer is to maintain a programme of regular screening of your complete client base. However, if you have any more than a few thousand customers, this could be burdensome.

Datanomic’s Sanctions & Politically Exposed Person (PEP) Screening solution delivers automated matching with exceptional accuracy, against any chosen list including HM Treasury, US OFAC, Companies House or third-party lists such as those from World-Check or Dow Jones Watch List.

Unlike other automated solutions, dn:Director for Sanctions & PEP Screening does not generate vast numbers of erroneous potential matches (‘false positives’) which need manual review, whilst its exceptional accuracy and easily-tailorable match rules mean that you won’t also miss the true threat through a mistaken no-match (‘false negatives’).

To see whether Datanomic’s powerful automated screening could reduce your compliance burden, request a free Screening Effectiveness Assessment.