dn:Director to Screen a Total of 15 Million Records Across 11 Countries, Leading The Way in Best Practice Globalised Sanctions Screening
CAMBRIDGE, England -- (BUSINESS WIRE) --
Prudential Corporation Asia, the Asia business unit of Prudential plc, has selected Datanomic's dn:Director for Sanctions & PEP Screening to automate its client screening in line with stringent anti-money laundering regulations, and an internal drive for compliance efficiency by creating a centralised policy of best practice compliance across the organisation. Prudential Corporation Asia will use dn:Director to screen up to 15 million records across 11 countries. With multiple languages, such as Korean, Chinese, Thai and Vietnamese, Prudential Corporation Asia will be leveraging dn:Director's transliteration capability, which offers a choice of semantic, cultural and phonetic equivalencies to allow for screening against the international watch lists, the vast majority of which are in Latin script.
With its commitment to enterprise screening best practice, Prudential Corporation Asia is leading the way in globalised sanctions screening in the Asia Pacific region. Through its enterprise-wide deployment of dn:Director across the region, Prudential Corporation Asia is able to facilitate compliance more easily with corporate standards and screening rules across the business, as well as enabling limited tailoring of screening rules to accommodate geographical variances. In doing so, Prudential Corporation Asia is able to avoid variations in the configuration and application of screening algorithms, differing risk profiles, and inconsistent processing of potential matches across the group, which could increase the threat to the business as a whole.
"We have seen rapid growth across our markets, which is forecast to continue," said David Nutman, Regional Head of Compliance for Prudential Corporation Asia. "dn:Director provides us with a highly accurate, systematic screening solution enabling us to consistently comply with our screening rules across the business. It will not only improve our compliance efficiency in the back office, but will also enable us to facilitate AML best practices to ensure the business is both compliant with international and local regulations, and properly protected against risk as we continue our growth and expansion."
Jonathan Pell, CEO of Datanomic added, "International financial services organisations, such as Prudential Corporation Asia, with presence in multiple countries throughout the region, face numerous challenges to ensure compliance with international sanctions regimes, including AML, CTF and other KYC-based legislation. Prudential Corporation Asia's deployment of dn:Director is yet another great endorsement for dn:Director, and reflects our ongoing commitment to the region and expansion of our global footprint as a company."
Prudential Corporation Asia will start its deployment of dn:Director in Korea, and will then roll it out across the other regions, ensuring consistency of screening for maximum risk protection. Prudential Corporation Asia will accommodate national data privacy requirements by allowing domestic screening within some countries via a local 'hub'.
Datanomic's dn:Director for Sanctions & PEP Screening software is used to screen in excess of five billion client records every month, in more than 100 countries. The solution is the de facto standard for risk and compliance screening for the UK financial services sector, and has already been implemented by some of the world's largest banks, insurers, asset and wealth managers and other financial services institutions to reduce their global Compliance risk, and this pattern is now spreading to other industries.
About Prudential Corporation Asia
Prudential Corporation Asia comprises the life insurance, asset management and consumer finance operations of Prudential plc* in Asia. Our businesses span 13 markets, covering Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam and the United Arab Emirates. We are the leading Europe-based life insurer in terms of market coverage and number of top three positions, and have more than 400,000 employees and agents across the region serving over 15 million customers.
Our Asia asset management business is also one of the region's largest and most successful, with operations in ten markets and £46.1 billion in assets under management (at 30 June 2010). We manage funds on behalf of a wide range of retail and institutional investors, including life and pension products sold by Prudential in the UK and across Asia, with just under half of the total assets sourced from third party clients.
*Prudential plc is a company incorporated and with its principal place of business in England. Together with its affiliated companies, Prudential constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has £309 billion in assets under management (at 30 June 2010). Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
www.prudentialcorporation-asia.com
About Datanomic
Datanomic's flagship enterprise Compliance Screening and Data Management software, dn:Director, helps organizations to improve compliance performance, better manage business risk, save money, streamline business processes and seize more opportunities, by identifying and eradicating problems in customer, financial and product data. Headquartered in Cambridge, UK, with offices in New York, USA, and Singapore, Datanomic was founded in 2001 and is backed by DN Capital. www.datanomic.com
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