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News

Wide take up of anti money laundering software

Datanomic : 12 August, 2008  (New Product)
High profile financial services companies have started standardising on dn:director for PEP screening and preventing money laundering
Know-Your-Customer and Anti-Money Laundering specialist, Datanomic has announced record customer adoption and market penetration of its award winning dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software. Fuelled by increasing anti-money laundering legislation, reputational risk and best practice guidelines, Datanomic has provided screening software for approximately one billion customer records to date, and is the trusted platform of choice in the financial services market to help mitigate risk, avoid multi million pound fines, and help safeguard the reputations of some of the world’s most respected companies.

Datanomic’s dn:Director Sanctions & PEP Screening software is now the platform of choice for fifty percent of the UK’s top 10 Asset Management firms, the UK’s largest VC/Private Equity firm, major credit card issuers, as well as the largest Financial Third Party Administrator in the UK. Datanomic’s anti-money laundering solution is now installed across the four continents of Europe, Africa, Asia and the Americas. Furthermore, market penetration has now expanded outside of the traditional financial services sector and now includes large customer implementations in the mobile money sector with Vodafone - the largest mobile money brand – and is also rapidly gaining market share in other industry sectors.

“Our success in the financial services sector continues to rank us as the leading AML screening solution and platform of choice for some of the most respected names in the financial markets,” said Dr Jonathan Pell, CEO of Datanomic Ltd. “We are seeing other industries, such as airlines, telecommunications, energy and utilities, Government and the legal sector wanting to become more vigilant in screening employees, contractors, suppliers, partners and associates against Sanctions, money laundering, crime, terrorism and politically exposed persons (PEP) databases due to the nature of their businesses. All of the issues surrounding Know Your Customer regulations are equally relevant to many companies outside of the financial services sector, which is why we are now seeing significant traction in other markets to comply with legislation and avoid hefty financial penalties. Know Your Employee and Know Your Supplier have become equally important requirements for all organisations to manage business and reputation risk. Datanomic’s dn:Director Sanctions/PEP Screening software is a third generation solution which has earned a reputation for stability, reliability and scalability -from the desktop to the data centre. It has become synonymous with best practice client screening.”

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

Datanomic’s dn:Director Sanctions & PEP Screening software enables organisations to rigorously, accurately and systematically 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 Compliance.

Compromised data exposes organisations to both financial and reputational risk. Datanomic includes powerful screening rules to match against both commercial and regulatory body/Government watch lists 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 dn:Director Sanctions & PEP Screening software 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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