Complinet, the leading provider of solutions that dynamically deliver relevant compliance intelligence to industry professionals, has signed a global contract with Reuters. The deal will provide Reuters DataScope Select subscribers with the ability to screen selected entities against international sanctions lists, watch lists and other information that can help them comply with counterparty and "Know Your Customer" regulations.
Under the terms of the agreement, Complinet will provide Reuters Enterprise Information, a division of Reuters, with a comprehensive screening capability, which uses a combination of Complinetâs Global Screening technology platform and its extensive database of international sanctions and watch lists. The information will be made available to all Reuters DataScope Select subscribers from July 2007.
Reuters DataScope Select is a hosted service that provides pricing and validation data to financial institutions. This consists of coverage of equities, funds, derivatives, foreign exchange, governments and municipals with full back-office requirements, which include regulatory and compliance reporting.
Complinet worked closely with Reutersâs global product teams to define and deliver a highly-customised version of its Global Screening product. Complinet Global Screening allows organisations to check individual and institutional customer names against restricted lists, enabling sophisticated and reliable anti-money laundering procedures. It provides access to more than 11,000 sources and 120 sanction lists and enforcement records from bodies across the globe, including the Federal Bureau of Investigation, the Office of Foreign Assets Control, the Bank of England, the Financial Action Task Force , Central Intelligence Agency, and Interpol.
Chris Pilling, founder and CEO of Complinet, said: âReuters has a global reputation and this is a great endorsement of the accuracy and breadth of our real-time information services. Around the world, financial institutions, fund managers and legitimate businesses must ensure that they conduct business with reliable and trustworthy individuals and organisations. Any failure of due diligence can result in reputational damage and the risk of falling foul of laws, regulations and internal corporate policy.â
Jonathan Hodgson, Head of Regulatory Compliance data for Reuters Enterprise Information, said: "Two significant factors led us to award the contract to Complinet: the timeliness, breadth and accuracy of the data sources behind its Global Screening product, and the level of customisation that Complinet could deliver to ensure that the screening data, regulatory information and sanction lists matched our exact requirements.â