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News

Money Laundering screening for UK financial group

Datanomic : 17 March, 2009  (Application Story)
Lincoln Financial Group chooses dn:director from Datanomic for PEP screening and money laundering prevention
Lincoln Financial Group has selected Datanomic's award winning dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software for systematic client screening to mitigate risk, protect against money laundering, and comply with UK and international Know-Your-Customer regulations. Lincoln Financial Group will be screening its entire customer base of approximately half a million clients on a monthly basis using Datanomic's software.

Lincoln Financial Group is the UK arm of Lincoln National Corporation, listed on the New York Stock Exchange. Lincoln National Corporation was founded in 1905, and the UK operation dates back to 1934 with assets under management of £4.19 billion (as at 31 December 2008). In the UK Lincoln is primarily focused on customers at or in retirement, by bringing to the market reliable and flexible solutions which enable transition through retirement, protecting and enhancing wealth to enjoy an income for life.

"We were previously manually screening clients, which was time consuming and difficult to manage," said Angela Dixon, Money Laundering Reporting Officer and Compliance Officer for Lincoln Financial Group. "We conducted a thorough market evaluation and felt that Datanomic's offering was the most appropriate for our requirements. An important feature of Datanomic is the fact that we are able to screen all of our data onsite and in-house, which is, in our opinion, far more secure than sending it off to a bureau service for checking, thus providing better protection of our customer data. The dn:Director Sanctions & PEP Screening platform will enable us to improve our customer monitoring, particularly in terms of identifying which customers are PEPs, as well as flagging any sanctioned individuals or other risk entities. As a subsidiary of a US company, we have to comply with a wide range of UK, US and international regulations and legislation. The Datanomic software will enable us to better mitigate risk and ensure we remain compliant with our legal obligations."

Datanomic's dn:Director Sanctions & PEP Screening platform is currently being installed at the company's offices near Gloucester. Datanomic's dn:Director is a full scale enterprise class compliance screening platform, which provides the industry's most powerful screening algorithms. dn:Director also provides full functionality for compliance screening - including configurable workflow, detailed audit trail, user and systems administration and MI/management reporting.

Datanomic's dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software enables organisations to rigorously and systematically identify heightened-risk entities within their customer bases. 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. Datanomic includes powerful screening rules to match against both commercial and regulatory body/Government watch lists, to deliver a highly intelligent data matching solution that is designed for ease of use by non-technical users.
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