Skandia has selected Datanomic's monitoring tool to support the screening of up to one million client records across different parts of its UK group business in line with a new European money laundering directive.
Skandia will be using Datanomic’s Watch & PEP (politically exposed person) List Management technology to deliver a more automated and consistent foundation for mitigating risk as part of its implementation planning for the EU 3rd Money Laundering Directive, which becomes law in the UK on December 15, 2007.
Skandia UK will be using Datanomic’s offering to support its proactive sanction and PEP monitoring, in conjunction with World-Check’s database, to screen up to one million client records.
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.
In addition, Datanomic’s match rules mean that manual decisions made on reviewed records will automatically be remembered next time the data is processed, unless either record has changed.
By reducing the amount of manual matching required, Datanomic’s system frees up resources to focus manual effort on more complex tasks.