Source: Datanomic
Risk & Compliance Screening and Data Management specialists, Datanomic, today announced that the Irish Nationwide Building Society (INBS), one of Ireland's oldest financial institutions, has standardized its existing screening processes on Datanomic's award winning dn:Director for Sanctions & PEP (Politically Exposed Persons) Screening software. The enterprise-wide risk and compliance software solution will replace the Society's current in-house financial sanctions and PEP screening processes as part of a consolidation strategy.
"We take our responsibilities as a financial institution very seriously and have been screening for PEPs for several years, prior to any legal obligation or regulatory stipulation," said Killian McMahon, Head of Internal Audit, Irish Nationwide Building Society. "We knew of Datanomic and the technical strengths of the dn:Director technology, but challenged them to improve upon our in-house procedures, and consolidate our processes while providing good value. Datanomic delivered on that challenge and provided us with a fuzzy logic matching capability that is superior to anything we could produce in-house."
Datanomic's dn:Director for Sanctions & PEP Screening software will enable INBS to consolidate its in-house screening systems, which cover its operations in Ireland and the UK, and PEPs. The new system will be used to screen common customer data, such as names and addresses within the UK and Ireland.
"We were impressed by Datanomic's client base, which included financial institutions such as Barclays, who would only select a solution that represents a best practice standard," added Mr. McMahon. "This, along with dn:Director's superior functionality, gave us confidence in both the technology and in the company as a whole. We know we have the back up necessary and the PEP list controls in place to ensure legislative and regulatory compliance. We now have an effective and consolidated platform that addresses all of our financial sanctions requirements."