Brewin Dolphin has adopted and deployed Datanomic Ltd’s Sanctions/PEP (Politically Exposed Persons) Screening software as part of its anti-money laundering strategy and in compliance with the EU 3rd Money Laundering Directive.
Brewin Dolphin went live with the Datanomic software at the end of January 2008, which replaces the companys in-house checking processes. The company is now able to screen in excess of half a million contacts on a weekly basis.
Brewin Dolphin is the largest independent investment manager in the UK, and provides personal management of portfolios and financial advice for over 120,000 private clients, charities and pension funds.
“We have deployed Datanomics Sanctions/PEP Screening solution to maintain and control our PEP list and Bank of England OFAC monitoring. In particular, we wanted to cut down on the number of false positives and automate what is an intensely administrative process whilst eliminating human error,” says Lillian Brown, divisional director of Compliance, Brewin Dolphin.
Brewin Dolphin is now screening in excess of 500,000 customer records once a week from every jurisdiction all over the world. The company has also added World-Check, the leading supplier of consolidated Watch and PEP lists, as part of its screening process. Datanomic is now used in conjunction with World-Checks Data File worldwide.
“Before we deployed Datanomic, we had a procedure which meant we were constantly battling against time. You always need a certain amount of human input and gut feel, but the combination of Datanomics Sanctions/PEP Screening solution with World-Check and our other lists ensures we are in control of who we do business with and that we are compliant with our obligations under regulation,” adds Brown.
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 and named PEP lists is becoming a major administrative burden for some 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.