Jupiter Investment Management has begun screening clients using Datanomic audit software, ahead of the new European Union money laundering directive that comes in on 15 December in the UK.
It has deployed its first set of live files using the dn:Match tool to screen client records. This will be rolled out more widely over the coming months.
The investment bank plans to regularly screen its 780,000 clients to detect any money laundering activity taking place, using Datanomic tools including dn:Match and dn:Director Watch & PEP List. The roll-out means it will be ultimately be able to drop an outsourced service it was using.
The fund manager said bringing its anti-money laundering techniques closer to the business would improve audit trails and strengthen its automated processes for mitigating risk. It said this was crucial since the new regulation included stringent requirements on financial services organisations to know their customers.
A spokesperson at Jupiter said: “In light of pending EU legislation, Datanomic’s dn:Match will provide us with significant time savings and a higher level of assurance that we are compliant in meeting our continuing regulatory obligations.”
Datanomic’s Watch & PEP List Management software works by letting users 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 about whether or not to identify a match can be largely automated, cutting down on the number of records that require manual intervention.
Firms' anti-money laundering techniques were in the spotlight last month after Lloyds TSB was charged with assisting a business owner to launder several hundred million dollars. The accusation wsas made desspite the bank’s significant investments in anti-money laundering systems.
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