Skandia to screen customer records to comply with EU money laundering law


Skandia to screen customer records to comply with EU money laundering law

Antony Savvas

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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