Basel-II News

Artemis Investment Management Adopts Datanomic's Automated, Proactive Sanctions List Matching Solution

(Oct 15, 2007)-- Data quality specialists Datanomic announced that UK investment firm, Artemis Investment Management has adopted its dn:Director Watch & PEP List Matching Solution to deliver a more automated and consistent foundation for mitigating risk as part of its preparation for the EU 3rd Money Laundering Directive, which becomes law in the UK on 15 December 2007.

Artemis is using Datanomic’s solution to support its proactive Sanctions List monitoring to screen up to 120,000 retail customer client records across the business. The Datanomic solution replaces a previously used outsourced service.

“We wanted to ensure readiness for pending new legislation and ensure we were fully compliant without putting extra strain on the business,” said Graeme Mitchell, Head of Compliance for Artemis Investment Management Ltd. “Datanomic’s dn:Director provides sophisticated matching technology in an easy to use solution that delivers clear, fast results, rather than having to spend hours pouring over reports.”

Regulatory initiatives, such as Basel II, MiFID and the 3rd EU Money Laundering Directive, have placed stringent information management requirements on Financial Services 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 named PEP lists is becoming a major administrative burden for compliance departments. The legal requirement to continually and accurately screen their customer base presents organisations with new operational challenges. Traditional matching methods require a smarter, more sophisticated approach.

Datanomic’s Watch & PEP List Management solution 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.

Artemis will be deploying Datanomic’s dn:Director later this month. The solution will be used by the company’s Compliance Department, and will be used to screen client records on a monthly basis. The company is also considering adding Datanomic’s additional PEP (Politically Exposed Persons) service.

Compromised data exposes organisations to both financial and reputational risk. Datanomic has templates for matching against a number of different lists, including World-Check and has worked with leading financial institutions to deliver a highly intelligent data matching solution that is designed for ease of use by non-technical users.

In addition to significantly reducing complexity and administrative overhead, Datanomic’s Watch & PEP List Management solution delivers industry best practice, providing a base from which management can develop tailored policies and procedures appropriate to their business. By reducing the amount of manual matching required, Datanomic’s solution frees up resources to focus manual effort on more complex tasks. Moreover, improving the effectiveness of enterprise data applications further enhances corporate performance and competitive advantage.

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