Skandia is to screen up to one million client records
using a new technology system to comply with the forthcoming
European Union money laundering directive.
Investment firm Skandia is using a system from data integrity
specialist Datanomic. It is using the
Watch & PEP (Politically Exposed Person) List
Management system, to deliver a more automated and consistent
response for mitigating risk as part of its implementation
planning for the
EU third Money Laundering Directive, which
becomes law in the UK on 15 December.
Skandia will be using Datanomic's system to support its
proactive monitoring systems, in conjunction with World-Check's
database, to screen up to one million client records across
different parts of its UK group business.
"The pending EU legislation was a key horizon deadline for us to
look at ways to further enhance our control environment," said
Steve Blackbourn, group financial crime officer for Skandia UK.
"We wanted to respond to changing regulation but also possible
future supervisory expectations we anticipate. Datanomic's Watch
& PEP list Management offered a system partnered with
World-Check with whom our parent, Old Mutual Plc, also has an
established relationship."
Datanomic's Watch & PEP List Management system enables users
to define how closely any two records match. Standard comparisons
are pre-configured but can be edited, removed or new ones added in
a risk-based approach.
When the defined thresholds are met, the decision of Match, No
Match or Review can be automated. Most importantly, Datanomic's
match rules mean manual decisions made on reviewed records will
automatically be remembered next time the data is processed, unless
either record has changed.
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http://www.skandia.co.uk/
David Lacey’s
security blog
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