With its origins dating back to the 17th century, Lloydâs is the worldâs leading specialist insurance market, home of 51 managing agents running 80 syndicates. Lloydâs is also the worldâs best known insurance brand, providing a society of members, both corporate and individual, who underwrite syndicates. Lloydâs is licensed to operate in more than 200 territories worldwide. Supporting capital is provided by investment institutions, specialist investors, international insurance companies and individuals.
âThe insurance sector has become increasingly international, as has the scope of our corporate and individual membership in recent years,â said Andy Wragg, Senior Manager, International Market Access at Lloydâs. âIt 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. Datanomicâs 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. Datanomicâs software provides us with a level of assurance that we are upholding our high standards of ethical and responsible business practice.â
Because of Datanomicâs rapid speed of deployment, Lloydâs will be implementing Datanomicâs 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-Checkâs global database of heightened-risk individuals and businesses, as well as OFAC (Office of Foreign Asset Control) and Bank of England lists.
Datanomicâs 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 Lloydâs 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 (âWatch Listsâ) 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. Datanomicâs 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 organisationâs own employees or contractors, and throughout its extended supply chain.
Datanomicâs deeply accurate data screening rules provide the industryâs 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.