World’s Leading Insurance Market, Lloyd’s, Implements Datanomic Sanctions & PEP Screening Software as Part of Internal Central Intelligence System

5 September 2008

Know-Your-Customer and Anti-Money Laundering specialist, Datanomic, today announced that Lloyd’s, the world’s leading insurance market, has selected and implemented Datanomic’s dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software as part of the fabric of their internal central intelligence system. Lloyd’s is the first global insurance market to implement Datanomic’s systematic risk screening software, which will help analyse data, mitigate risk and ensure compliance with a raft of international financial regulations.

With its origins dating back to the 17th century, Lloyd’s is the world’s leading specialist insurance market, home of 51 managing agents running 80 syndicates. Lloyd’s is also the world’s best known insurance brand, providing a society of members, both corporate and individual, who underwrite syndicates. Lloyd’s is licensed to operate in more than 200 territories worldwide. Supporting capital is provided by investment institutions, specialist investors, international insurance companies and individuals.

“The insurance sector has become increasingly international, as has the scope of our corporate and individual membership in recent years,” said Andy Wragg, Senior Manager, International Market Access at Lloyd’s. “It is important that we are able to fully understand the international risk exposure in our data. We wanted an effective and systematic means of screening data and ensuring we are in full compliance with the myriad of international legislative requirements. Datanomic’s dn:Director Sanctions & PEP Screening software provides us with accurate data for compliance monitoring that is both automated and easy to use once the data has been populated. Datanomic’s software provides us with a level of assurance that we are upholding our high standards of ethical and responsible business practice.”

Because of Datanomic’s rapid speed of deployment, Lloyd’s will be implementing Datanomic’s dn:Director Sanctions & PEP Screening software in the next four to six weeks. It is envisaged that data will be screened on a weekly basis through the Datanomic software and will be used in conjunction with World-Check’s global database of heightened-risk individuals and businesses, as well as OFAC (Office of Foreign Asset Control) and Bank of England lists.

Datanomic’s dn:Director Sanctions & PEP Screening software is already the de-facto platform of choice in the UK financial services industry, and provides global markets with a data n agnostic and universal risk screening software solution, enabling markets such as Lloyd’s to screen their entire data set against any commercial and public lists, irrespective of country borders.

Regulatory initiatives, such as Basel II, MiFID, the 3rd EU Money Laundering Directive and the USA PATRIOT Act, have placed stringent information management requirements on Financial Services and other organisations. Money Laundering Reporting Officers (MLROs) face increasing Know Your Customer challenges. The scale, complexity and cost of screening customers against published sanctions lists (‘Watch Lists’) and PEP lists is becoming a major operational burden for compliance departments. The legal requirement to continually and accurately screen their customer base presents organisations with new operational challenges. Traditional matching methods have proven inadequate and Datanomic offers a smarter, more sophisticated approach.

Failure to accurately screen clients (whether to achieve regulatory requirements or for protection of brand and/or corporate reputation) exposes organisations to unacceptable risk. Datanomic’s dn:Director Sanctions & PEP Screening software enables organisations to rigorously and systematically identify heightened-risk entities within their customer bases. In addition, dn:Director can also be used for risk screening of an organisation’s own employees or contractors, and throughout its extended supply chain.

Datanomic’s deeply accurate data screening rules provide the industry’s most advanced analysis/matching algorithms for screening against both commercial and regulatory/Government watch lists, sanctions lists and PEP databases. dn:Director is used today by many leading financial institutions to deliver highly intelligent AML/Compliance Screening systems that reduce manual or semi-automated matching, freeing Compliance teams for higher value analysis and investigation.

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