Complinet

Complinet continues to support the fight against money laundering and terrorist financing with integration of Global PEP List

Complinet, the leading provider of risk management solutions to financial services organisations, has announced a strategic partnership with WorldCompliance, a leading information provider specialising in the aggregation of information on Politically Exposed Persons.

The partnership means that Complinet’s advanced Global Screening platform now integrates the most comprehensive and innovative knowledge base of PEPs to help firms apply enhanced customer due diligence in the ongoing fight against corruption, money laundering, terrorism and other criminal activities.

Richard Russell, group managing director of Complinet’s Global Screening division, said: “It is critical that financial services organisations consider quality PEP lists prior to the Third Money Laundering Directive which comes into effect in the UK on 15th December.”

“Integrating WorldCompliance’s Global PEP List further strengthens our ability to provide our customers with a seamless, risk-based approach to their AML activities,” said Russell. “The unique structure and content allows financial organizations and legal firms to significantly reduce risk, time and cost by leveraging Complinet’s advanced matching engine, workflow and case management technology to screen and identify PEPs within their own large customer databases.”

Dirk Mohrmann, chairman at WorldCompliance, said: “We are excited to welcome an industry and technology leader like Complinet as a partner. Our joint risk-based approach makes a robust contribution to the integrity of the financial system, helping customers with reducing false positives and drastically saving resources often needed in the increased due diligence efforts due to the Third Money Laundering Directive.”

Russell explained: “The challenge for money laundering prevention teams is not the lack of rules and regulations, but the ambiguity that surrounds them, and the volume of names to be checked on a daily basis. We help organizations by providing them with the right tools to help them focus where the risk is greatest so they can not only protect themselves, their reputation and their customer base, but also play their part in global efforts against money laundering and terrorist activity.”