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Fraud levels are increasing as the global economic crisis hits,
placing additional pressures on financial institutions and law
firms to have the proper Know-Your-Customer and Anti-Money Laundering
systems in place, according to compliance and screening specialist
Datanomic.
Datanomic is seeing escalated demand for its dn:Director
Sanctions & PEP (Politically Exposed Persons) Screening software
as the need for systematic screening of customer data increases.
According to
the National Fraud Strategic Authority, fraud is on the increase
in the UK with further rises amid the turmoil in
the banking industry. Mortgage frauds rake in around £700
million a year and are linked to the financing of organised crime
and terrorist ‘safe houses’. Likewise, analysts cite
the economic slowdown and rising unemployment are resulting in
increases in crime, placing greater pressure on financial institutions
and law firms to screen their customers against money laundering
and white collar crime.
“In an economic downturn, the need to have adequate screening
systems in place is more important than ever,” said Dr Jonathan
Pell, CEO of Datanomic Ltd. “Whilst fraud has always been
present, it tends to gather pace in a credit crunch and has much
greater impact in an economic crisis as it directly impacts the
bottom line. With white collar crime increasing and regulators
levying hefty penalties against both companies and individuals
for anti-money laundering lapses, the need for systematic, rigorous
screening of customer databases has never been more important.”
The legal requirement
to continually and accurately screen clients presents companies
with new operational challenges. Inadequate
information exposes organisations to both financial and reputational
risk. Datanomic’s dn:Director Sanctions & PEP Screening
software includes best-practice rules templates for matching against
a variety of different lists and works closely with leading legal
and financial customers to deliver a highly intelligent client
screening solution that is designed for ease of use by non-technical
users.
For more information
please visit http://www.datanomic.com |