Regulatory initiatives such as Basel II, MiFID and the 3rd 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 Datanomicâs partnership will offer customers the benefit of a proven, fully integrated best-of-breed solution that will assist institutions to effectively screen new and existing clients for risk, whilst reducing complexity and administrative overheads.
Datanomicâs 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-Checkâs 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, Datanomicâs match rules mean manual decisions made on reviewed records will automatically be remembered next time the data is processed, unless either record has changed.
Already relied upon by more than 2400 institutions, World-Check is at the forefront of international risk research and intelligence, regularly profiling heightened risk individuals and businesses years before their names appear on the worldâs official sanctions lists, making the database the ultimate âearly warning systemâ against regulatory and reputation risk.
âBuilding on our existing partnership with Datanomic, this comprehensive and seamless solution reflects our corporate strategy of aligning ourselves with companies that are âbest-of-breedâ in their fields,â said David Leppan, CEO and founder of World-Check. âFinancial services, lawyers, accountants and other organisations that are subject to AML and CFT regulations can now harness this turnkey solution to meet their KYC, PEP and anti-money laundering requirements effortlessly and efficiently.â
âScreening client records is a necessity of commercial and legislative importance, and can have potentially catastrophic consequences for institutions if it is not properly managed,â said Dr Jonathan Pell, CEO of Datanomic Ltd. âOur partnership with World-Check combines the strengths of Datanomicâs world class solution with World-Checkâs highly structured database to deliver automated risk mitigation with the added assurance of a best of breed solution.â