Source: Datanomic
Risk & compliance screening and enterprise data management specialist, Datanomic, today announced a strategic reseller agreement with Petrodata Management Services Ltd to resell its award winning dn:Director solutions for Customer Screening, Transaction Screening, Denied Party Screening, and Single View of Data into the Nigerian market and the wider Economic Community of West African States (ECOWAS). The region is considered to be one of the most rapidly growing emerging markets for Anti-Money Laundering, Know Your Customer and Anti-Terrorism compliance.
With the recent strengthening of anti-terrorism and anti-money laundering legislation across the thirteen West African states, financial institutions, logistics companies and other industries must address the need for strict compliance against global sanctions lists to prevent illicit trade, financial penalties and reputational damage. Petrodata will resell Datanomic's powerful screening solutions - regarded as the most advanced in the industry - to specifically address this emerging market requirement. The Nigerian Financial Sector is one of the largest in Africa and represents a rapidly growing market opportunity.
"Current economic growth holds significant promise for the development of West Africa, which goes hand in hand with limiting and eradicating financial crime," said Wole Shebioba, CEO of Petrodata Management Services Ltd. "This is a major priority for West African financial institutions, as well as other industries that are not yet affected by such legislation, but can see it coming. Datanomic is already recognised as the gold standard in screening by market leading companies in Europe, North America and Asia Pacific, and has established major customer implementations in some of the industry's largest global institutions. We're delighted to be bringing the same high standard of screening and compliance to the West African market."
Simon Pearson, Vice President Risk & Compliance Screening, added, "Local regulators and financial institutions recognise the need for the systematic, highly accurate, automated screening of customers, transactions, and third parties. The ECOWAS financial community has the opportunity to adopt world-class standards and best practices in their compliance with anti-money laundering and Know Your Customer legislation. Petrodata understands the operational and technical priorities in fulfilling these requirements, and we're delighted to be working with them to address this substantial market opportunity."