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Insurance company to use PEP Screening software

Datanomic : 09 September, 2008  (Application Story)
Fraud prevention specialists supply dn:director sanction and PEP screening software to Wesleyan Assurance Society
Know-Your-Customer and Anti-Money Laundering specialist, Datanomic, today announced that Wesleyan Assurance Society has selected and implemented Datanomic's dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software. Wesleyan will be regularly screening 300,000 client records as part of its compliance and risk mitigation strategy in line with financial regulations.

Wesleyan Assurance Society is a mutual society founded in 1841 in Birmingham. Today, the Wesleyan Group has more than £4 billion of funds under management and is one of the UK's financially strongest mutuals. Wesleyan provides tailored financial advice to meet the needs of clients in the medical, dental, teaching, legal and other professional markets through its principal distribution brands Wesleyan Medical Sickness, Wesleyan for Teachers and Wesleyan for Lawyers.

"We wanted a comprehensive screening system that would fulfill complex Anti-Money Laundering and Know-You-Customer requirements, but was also easy to use at a business level," said Selena Pritchard, Money Laundering Reporting Officer and Corporate Audit Manager for Wesleyan Assurance Society. "Datanomic has a highly successful track record, is widely used and respected throughout the financial services industry, and is easy for administrators to use. The rapid installation, ease of use and rich functionality made it the logical choice for us."

Because of Datanomic's rapid speed of deployment, Wesleyan was up and running with Datanomic's dn:Director Sanctions & PEP Screening software in just five days. The company is screening against World-Check's global database of heightened risk individuals and entities as well as Bank of England and Office of Foreign Assets Control (OFAC) sanctions lists. Datanomic's dn:Director Sanctions & PEP Screening is already the de-facto platform of choice in the UK financial services industry, and provides global markets with an agnostic and universal risk screening software solution, enabling companies to screen their entire data set against any commercial and public lists, irrespective of country borders.

Regulatory initiatives, such as Basel II, MiFID, the 3rd EU Money Laundering Directive and the USA PATRIOT Act, have placed stringent information management requirements on Financial Services and other organisations. Money Laundering Reporting Officers (MLROs) face increasing Know Your Customer challenges. The scale, complexity and cost of screening customers against published sanctions lists ('Watch Lists') and PEP lists is becoming a major operational burden for compliance departments. The legal requirement to continually and accurately screen their customer base presents organisations with new operational challenges. Traditional matching methods have proven inadequate and Datanomic offers a smarter, more sophisticated approach.
Datanomic's dn:Director Sanctions & PEP Screening software enables organisations to rigorously, accurately and systematically identify heightened risk entities within their customer bases(s). It relieves the burden of manual or semi-automated client screening by enabling automated screening in an easy-to-use/easy-to-implement solution purpose-built for Compliance.

Compromised data exposes organisations to both financial and reputational risk. Datanomic includes powerful screening rules to match against both commercial and regulatory body/Government watch lists 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.

In addition to significantly reducing complexity and administrative overhead, Datanomic's dn:Director Sanctions & PEP Screening software 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 Sanctions & PEP Screening solution can deliver a rapid return on investment and fast implementation. The solution can be acquired either on an annual subscription basis or via outright purchase.
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