Regulatory initiatives such as Basel II, Markets in Financial Instrumentation Directive (MiFID) and the third EU Money Laundering Directive have placed a significant burden on compliance professionals. The legal requirement to regularly screen customers, presents institutions with new operational challenges. World-Check and Datanomic’s partnership will offer customers the benefit of a proven, fully integrated solution that will assist institutions to effectively screen new and existing clients for risk, whilst reducing complexity and administrative overheads.
Datanomic’s customizable Watch and PEP List Management solution drastically reduces false positive rates and is designed for ease of use by non-technical users. The template, which is fully compatible with World-Check’s highly-structured database, 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.
