Jupiter Investment Management has begun screening clients using Datanomic audit software, ahead of the new European Union money laundering directive that comes into place in the UK on 15 December.
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 able to phase out an outsourced service it was using.
The firm said bringing anti money laundering techniques closer to the business would improve its audit trails and provide an automated process for mitigating risk. It said this was crucial since regulation had placed 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.
The issue of anti money laundering came to the foreground last month when Lloyds TSB was charged with assisting a business owner to launder several hundred million dollars. The accusation emerged in spite of the bank’s significant investments in anti money laundering systems.