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Screening software for investment management company

Datanomic : 04 March, 2008  (Application Story)
Brewin Dolphin ensures EU money laundering compliance with adoption of PEP screening tools from Datanomic.
Data quality specialists, Datanomic has announced that Brewin Dolphin has adopted and deployed its Sanctions/PEP (Politically Exposed Persons) Screening solution as part of its anti-money laundering strategy and in compliance with the EU 3rd Money Laundering Directive. Brewin Dolphin went live with the Datanomic solution at the end of January 2008, which replaces the company's in-house checking processes. Using Datanomic's solution, the company is now able to screen in excess of half a million contacts on a weekly basis.

Brewin Dolphin is the largest independent investment manager in the UK, and provides personal management of portfolios and financial advice for over 120,000 private clients, charities and pension funds. The company's history dates from the mid 18th Century with origins tracing back to one of the founding firms of the London Stock Exchange. Brewin Dolphin Holdings PLC is listed on the London Stock Exchange. The company has 39 offices spread throughout the UK and the Channel Islands and manages £21.6 billion on behalf of its clients.

"We have deployed Datanomic's Sanctions/PEP Screening solution to maintain and control our PEP list and Bank of England OFAC monitoring," said Lillian Brown, Divisional Director of Compliance for Brewin Dolphin.

"In particular, we wanted to cut down on the number of 'false positives' and automate what is an intensely administrative process whilst eliminating human error. We were aware of Datanomic from its industry reputation and decided to evaluate Datanomic as well as a number of other vendors over a period of six months last year. Datanomic was easy to use and delivered far greater accuracy than competitors, there was no hard sell and we were able to successfully test the solution with our own live data. Datanomic is now our preferred platform of choice for Sanctions and PEP Screening. The solution has streamlined our previously manual processes, and helped us to mitigate risk. It's given us the added assurance of both compliance and peace of mind, and will save us considerable time and money."

Brewin Dolphin is now screening in excess of 500,000 customer records once a week from every jurisdiction all over the world. The company has also added World-Check, the leading supplier of consolidated Watch and PEP lists, as part of its screening process. Datanomic is now used in conjunction with World-Check's Data File worldwide.

"Before we deployed Datanomic, we had a procedure which meant we were constantly battling against time," added Brown. "You always need a certain amount of human input and gut feel, but the combination of Datanomic's Sanctions/PEP Screening solution with World-Check and our other lists ensures we are in control of who we do business with and that we are compliant with our obligations under regulation."

Regulatory initiatives, such as Basel II, MiFID and the 3rd EU Money Laundering Directive, have placed stringent information management requirements on Financial Services 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 named Politically Exposed Persons (PEP) lists is becoming a major administrative burden for compliance departments. The legal requirement to continually and accurately screen their customer base presents organisations with new operational challenges. Traditional matching methods require a smarter, more sophisticated approach.

Datanomic's Sanctions/PEP Screening solution enables organisations to rigorously and accurately 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 both the Compliance team and IT.

Compromised data exposes organisations to both financial and reputational risk. Datanomic has templates for matching against a number of different lists, including World-Check 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 Sanctions/PEP Screening solution 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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