Free Newsletter
Register for our Free Newsletters
Newsletter
Zones
Access Control
LeftNav
Alarms
LeftNav
Biometrics
LeftNav
Detection
LeftNav
Deutsche Zone (German Zone)
LeftNav
Education, Training and Professional Services
LeftNav
Government Programmes
LeftNav
Guarding, Equipment and Enforcement
LeftNav
Industrial Computing Security
LeftNav
IT Security
LeftNav
Physical Security
LeftNav
Surveillance
LeftNav
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Manufacturing Zone
Pro Security Zone
Web Lec
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
 
News

Partnership Brings Arabic Based Compliance Screening

Datanomic : 27 July, 2010  (Company News)
Datanomic has entered into a partnership with CJK Dictionary Institute to enable the company to use Arabic characters within its Risk and Compliance Screening product set to combat Money Laundering
Risk & Compliance Screening and Data Management specialist, Datanomic has signed a strategic technology alliance with The CJK Dictionary Institute (CJKI), one of the world's leading providers of Chinese, Japanese, Korean and Arabic lexical databases. The partnership enables Datanomic to integrate CJKI's Database of Arab Names in Arabic (DANA) and Database of Arab Names (DAN), which covers seven million Arabic names and their variants, within its award-winning dn:Director for Sanctions & PEP (Politically Exposed Persons) Screening software to enable financial services companies located within or trading with the Arabic-speaking world to reliably and accurately match their Arabic data against Sanctions and Watch Lists.

With numerous compliance directives around fraud prevention and crime, financial services organisations have had to fortify their systems against access by money launderers, criminal gangs, known terrorists and entities whose activities may compromise foreign policy or national security. Increasingly sophisticated concealment efforts by such groups mean that even with purportedly cutting edge technology solutions, the cost and complexity of matching customer records against the millions of names within international Sanctions, Watch Lists and PEP lists can become a major administrative burden for compliance departments. When the complexity of data held in several different languages, the fact that most international and commercial lists are in Latin characters, the multiple variants of Arabic script transliterations, and even common spelling mistakes are factored into the checks, it's clear to see that global enterprises face a significant linguistic challenge.

"Most existing solutions on the market fall short of the accuracy required because their transliteration/transcription capability is too basic, and because they do not recognise the massive number of variant Latin forms of Arabic names," said Dr. Jonathan Pell, CEO, Datanomic. "This has often resulted in companies adopting a manual process for checking data against Sanctions lists that is extremely time consuming, almost impossible to scale as lists grow, and prone to error, leaving the organisation open to reputational and financial risk. Our alliance with CJKI spells the future of multi-language matching and reliable transcription."

"By embedding our resources, Datanomic is significantly enhancing its own software technology and we believe that gives them a huge advantage over their competition. Their enhanced ability to recognise more variants of Arabic names ensures even greater accuracy of results, essential when the stakes for financial organisations are so high," said Jack Halpern, CEO, The CJK Dictionary Institute. "With our new database of over seven million entries, Datanomic customers can be confident that any potential false negatives will not go undetected."

Datanomic intends to expand its alliance with CJKI to include extensive Chinese, Japanese and Korean lexical resources to provide market-leading linguistic matching within the Asia Pacific region, into which it has recently extended its sales operations.

Datanomic's dn:Director for Sanctions & PEP Screening software is used to screen in excess of five billion client records every month, in more than 100 countries. The solution is the de facto standard for risk and compliance screening for the UK financial services sector, with several of the top ten global Retail Banks, half of the UK's top ten Wealth/Asset Managers, one of the London Stock Exchange's oldest stockbroking firms, and some of the UK's largest Insurance companies all using its technology.
Bookmark and Share
 
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
 
   © 2012 ProSecurityZone.com
Netgains Logo