Selftrade Signs FinScan for 3rd EU Directive Screening Compliance
London - 20 April 2010
FinScan, a leading international provider of sanctions, PEP and heightened risk screening solutions for the financial services industry, today announced the signing of a new contract with Selftrade, one of the UK's largest execution-only stockbrokers. Selftrade will use FinScan to screen new and existing customers against the World-Check data file consisting of Sanctions, PEPs, and Heightened Risk Entities data sources.
Selftrade provides a wide range of investment services for UK individuals and businesses. The broker offers customers a range of accounts, designed to suit different investment needs. Customers can manage their investments online in Dealing, Shares ISA and SIPP Dealing accounts. Child Trust Fund, Child SIPP, Company Dealing and Investment Club accounts are also available. The service enables clients to choose the investments that suit their goals, and then review and manage them for total control. Investment options include UK and international shares, ETFs, ETCs, Funds, Gilts, Bonds, and Warrants, as well as a wide range of Derivative products.
“With a very large and diverse client base able to execute transactions online, by telephone or via their mobile phone, we faced a rather complex screening challenge,” said Chris Petrides, Senior Compliance Manager at Selftrade. “FinScan demonstrated to us that their solution could deliver the flexibility, speed and accuracy we need to comply with the stringent anti-money laundering and anti-terrorism requirements of the 3rd EU Directive.”
Deployable as a licensed, hosted or Internet-based ad hoc solution, FinScan offers organisations worldwide a robust, yet very cost-effective, tool for complying with the mandates of UK and international screening regulations – whether they are required to screen millions of records or just a few. In addition to its advanced screening capabilities, FinScan also strengthens the efficiency of organisations’ compliance operations by providing sanctions list management and updating services, and automatically producing required due diligence and audit reports.
“Selftrade is an excellent match for FinScan’s powerful capabilities,” said John Haley, Senior Vice President, FinScan EMEA. “In a fast-paced business such as theirs, where stock transactions are conducted over multiple electronic channels, there is no time for delay and no room for error. We’re pleased to deliver to Selftrade screening performance that combines a fast, seamless operation that reinforces customer satisfaction with the precision that protects against non-compliance.”
Used in thousands of projects worldwide, FinScan’s powerful matching engine facilitates the efficient and accurate screening of large volumes of records with very precise, user-configurable rules for flagging suspicious records. This process greatly reduces the risk associated with missing real matches (false negatives), and minimises the time and cost associated with researching false matches (false positives).