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Data Quality
specialist Datanomic today announced that leading European
law firm, SJ Berwin LLP, has adopted and
deployed its Sanctions/PEP Screening solution as part of its anti-money
laundering strategy to support its compliance with the EU 3rd Money
Laundering Directive. SJ Berwin went live with the Datanomic solution
in January 2008. The firm uses Datanomic as a major tool for risk
assessment and ongoing monitoring.
As a European law firm
with offices in Berlin, Brussels, Frankfurt, London, Madrid,
Milan, Munich, Paris and Turin, SJ Berwin has more
than 170 partners and 500 lawyers. The firm advises on a comprehensive
range of legal services including Corporate Finance, Commercial,
Real Estate, Finance, Reconstruction & Insolvency, Financial
Services, Litigation, Intellectual Property, Employment & Pensions,
EU & Competition and Tax.
“We were looking for a solution to issues raised by the
3rd Money-Laundering Directive in relation to risk assessment and
ongoing monitoring and we were pleased to find that Datanomic had
a well thought through process for helping us to deal with those
issues,” said Kate Scott, Head of Practice Protection at
SJ Berwin LLP.
“Operating in the European and international market place
in today’s commercial environment requires compliance with
supervisory regulations and legislation. This includes having the
proper systems in place to ensure that you are not unknowingly
facilitating money laundering,” said Terry Lawley, Project
Delivery Manager for SJ Berwin LLP.
SJ Berwin embarked on
an initial scoping exercise with Datanomic in early January 2008
before full deployment in house that month.
Datanomic is now used in conjunction with World-Check’s Data
File across the firm.
Regulatory initiatives,
such as Basel II, MiFID and the 3rd EU Money Laundering Directive,
have placed stringent information management
requirements on organizations within the regulated sector. 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 designed for both
the Compliance team and IT.
Inadequate information exposes organisations to both financial
and reputational risk. Datanomic includes best-practice rules templates
for matching against a variety of different lists, including World-Check
and has worked with leading financial institutions to deliver a
highly intelligent client screening solution that is designed for
ease of use by non-technical users.
“One of the things that impressed me with Datanomic was
how fast the solution is,” concluded Lawley. “We were
surprised at how easy it was to implement.”
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 delivers a rapid return on investment and
fast implementation. The solution
can be acquired either on an annual subscription basis or via outright
purchase.
For more information please
visit http://www.datanomic.com |