Compliance with Money Laundering Regulations 2007, obligations under the Counter Terrorism Act 2008 and pressure from the Financial Services Authority are all requiring more robust sanctiosn screening. The service includes data from HM Treasury, FBI, World Bank and United Nations.
Dan Marshall, commercial cirector at LexisNexis, says: “LexisNexis Bridger Insight is proven to cut the cost of compliance by streamlining client on-boarding, drastically reducing false positives and significantly increasing the speed and effectiveness of the compliance process. We enable clients to run very high volumes of customer checks in a single search against constantly updated data.”
He adds: “This process can be run as frequently as required so that organisations can be confident of staying compliant. With the heavy fines and reputational risk of non-compliance, it is vital that businesses can screen clients and are alerted to take immediate action if a client suddenly appears on a prohibited list.”
Embedded NCOA for Cygnus
Users of the Cygnus database solution from The Software Bureau can now access the Royal Mail’s National Change of Address file as part of the application. NCOA has previously only been available via bureaux services who have cleared stringent security audits.
“End-users, bureaux, mailing houses and charities will now be able process their data against the NCOA file without having to go through a lengthy and expensive security audit. We recognise the importance of data quality and have invested heavily to ensure our customers are able to maintain the accuracy of their databases,” says David Murray, sales director at the Software Bureau.