Investment firm uses software to comply with money-laundering directive
Brewin Dolphin, an independent private client investment firm, has begun using software from Datanomics to support its effort to comply with the third EU Money Laundering Directive.
The directive requires financial institutes to screen its customers to check against a database of known terrorists.
Lillian Brown, divisional director for complaince at Brewin Dolphin, said the software replacs a manual process.
The Datanomic software provides templates for matching against a number of different lists. Brown said, "We wanted to automate what is an intensely administrative process whilst eliminating human error."
Using Datanomic's software, she said, the company is now able to screen in excess of half a million contacts on a weekly basis.
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