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News

Sanctions and PEP screening software for De Beers

Datanomic : 22 April, 2009  (Application Story)
Diamond company selects dn:director from Datanomic for anti-money laundering screening in anticipation of revised regulations
Leading diamond company De Beers Group has selected Datanomic's award winning dn:Director Sanctions & PEP (Politically Exposed People) Screening software for systematic Sanctions screening of its supply chain to help the group take proactive steps to maintain the integrity of diamonds. Screening for risk entities within the business and ensuring traceability is paramount in mitigating risk, and is part of De Beers' philosophy of setting and maintaining high standards within the diamond industry.

De Beers was established in 1888 and is the world's leading diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. From its mining operations across Botswana, Namibia, South Africa and Canada, De Beers produces and markets approximately 40% of the world's supply of rough diamonds. The Family of Companies employs about 20,000 people around the world.

"Diamond companies are not financial institutions, however we face many of the same global concerns in terms of wanting to ensure we maintain high standards, take proactive steps to guard against any illegal activity and ensure we are doing business with legitimate companies," said James Suzman, De Beers Director of Corporate Citizenship. "De Beers operates globally and we have to comply with a variety of regulations in different countries. Traceability is extremely important to our business and we wanted a software platform that would automate the screening process for us."

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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