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Data quality specialists
Datanomic today announced that leading UK investment firm,
Artemis Investment Management Ltd, has adopted
its dn:Director Watch & PEP List Matching Solution to deliver
a more automated and consistent foundation for mitigating risk
as part of its preparation for the EU 3rd Money Laundering Directive,
which becomes law in the UK on 15 December 2007.
Artemis is using Datanomic’s
solution to support its proactive Sanctions List monitoring to
screen up to 120,000 retail customer
client records across the business. The Datanomic solution replaces
a previously used outsourced service.
“We wanted to ensure readiness for pending new legislation
and ensure we were fully compliant without putting extra strain
on the business,” said Graeme Mitchell, Head of Compliance
for Artemis Investment Management Ltd. “Datanomic’s
dn:Director provides sophisticated matching technology in an easy
to use solution that delivers clear, fast results, rather than
having to spend hours pouring over reports.”
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 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 Watch & PEP List Management solution enables
users to define how closely any two records match. Standard comparisons
are pre-configured but can be edited, removed or new ones added
in a risk-based approach. When the defined thresholds are met,
the decision of Match, No Match or Review can be automated. Most
importantly, Datanomic’s match rules mean manual decisions
made on reviewed records will automatically be remembered next
time the data is processed, unless either record has changed.
Artemis will be deploying
Datanomic’s dn:Director later
this month. The solution will be used by the company’s Compliance
Department, and will be used to screen client records on a monthly
basis. The company is also considering adding Datanomic’s
additional PEP (Politically Exposed Persons) service.
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 Watch & PEP List Management 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 Watch & PEP
List Management solution delivers a rapid return on investment
and fast implementation. The solution
can be purchased as a technology package that is owned in year
one, rather than as a service commanding an annual fee.
For more information please visit http://www.datanomic.com
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