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News

PEP screening for wealth management group

Datanomic : 30 March, 2009  (Application Story)
Anti-Money laundering and screening software for clients introduced at the St James' Palace Wealth Management Group
St James's Place has selected Datanomic's award winning dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software for systematic client screening in compliance with anti-money laundering legislation and Know-Your-Customer regulations.

The St James's Place Wealth Management Group offers a wide range of high quality wealth management services to businesses and individuals. With over 400,000 clients and approximately £16 billion funds under management, the company is established as one of the UK's leading wealth management organisations. Established in 1991 and floated on the stock market in 1997, the St James's Place Wealth Management Group is in the FTSE 250 Index with a 60% shareholder ownership by Lloyds Banking Group.

"Legislation mandates that we systematically screen our entire client database against Sanctions and PEPs," said Debra McKenna, Deputy Money Laundering Reporting Officer for St James's Place. "Not fully understanding who or what is in your client database is an unacceptable risk. We performed an in-depth evaluation of screening software lasting several months and selected Datanomic's dn:Director Sanctions & PEP Screening software based on its technical strengths and market leadership. It not only includes the industry's most powerful set of algorithms for screening purposes, but also encompasses full case management, workflow, auditability and management reporting. The Datanomic software will enable us to better understand our clients, and ensure we remain compliant with stringent anti-money laundering legislation."

St James's Place Wealth Management Group will be deploying the Datanomic software platform in 2009 to the Financial Crime Team. The software will systematically screen up to 400,000 client records each week.

'Know-Your-Customer' and Risk Management protection initiatives have already become mandated in the financial services sector and these defensive strategies are used to protect organisations against money laundering. Datanomic believes that Enterprise Screening, the systematic screening of employees and internal contractors, as well as external partners, agents, third parties, and distributors, will become standard business practice for large organizations in all major vertical markets over the next three years.

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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