Dutch bank, NIBC, has selected Datanomic's award winning dn:Director Sanctions & PEP (Politically Exposed Persons) Screening software for systematic client screening to help mitigate risk, protect against money laundering, and comply with international Know-Your-Customer regulations.
The Datanomic software is screening NIBC's merchant banking clients, as well as retail banking customers in its recently launched internet savings bank (NIBC Direct).
NIBC is a Dutch bank with offices in The Hague, Brussels, Frankfurt, London, Singapore and New York City. The bank offers integrated solutions to mid-cap clients through a unique combination of advising, financing and co-investing. NIBC's merchant banking clients are mid-cap companies, financial institutions, institutional investors, financial sponsors, and high net worth entrepreneurs. Following the successful launch of its retail banking arm, NIBC Direct, NIBC has expanded its market share to retail banking customers. NIBC is owned by a consortium of international financial institutions represented by J.C. Flowers & Co LLC.
"Historically, we outsourced parts our client filtering process to third parties and screened parts of our client base manually," said Ruud Rozenburg, Head of Group Compliance, NIBC. "With the launch of our retail banking arm in September 2008, our client base accumulated extensively in just a matter of months. We knew the only way to screen effectively was through an automated process. We had already begun working with Datanomic in October 2008 on a six month interim project on the retail banking side of our business, and were impressed with Datanomic's scalability, accuracy and comprehensive management reporting. We therefore decided to start using the Datanomic software for our entire client base. We have deployed Datanomic in conjunction with Dow Jones Watchlist for PEP and Sanctions lists, which has given us a highly scalable, professional system that ensures we remain compliant and can grow with our business needs."
"Dow Jones is very pleased to be working with NIBC and Datanomic on this project," said Christophe Amez, global sales director for Dow Jones. "Due to the significant growth of their client base, NIBC recognised they needed a highly automated process that identified risk whilst keeping false positives to a minimum. We are delighted that a thorough assessment of the data sources available confirmed that the detailed and highly structured Sanctions and PEP content from Dow Jones Watchlist would enable NIBC to achieve its objective in a cost effective manner."
Several of NIBC's commercial departments in The Hague now oversee the screening of both merchant clients and retail clients on a weekly basis. The compliance department controls the reviewing procedures of client records. Possible hits on the system are flagged and then escalated for further investigation and procedural analysis. Moving forward, NIBC will review the frequency and volume of screening, as its client base continues to grow.