Prudential finds fuzzy match for sanctions

UK financial services company Prudential is replacing its existing sanctions screening system with a new solution based on sophisticated fuzzy-name matching. Bridger Insight XG from LexisNexis will enable compliance with sanctions regimes in financial services and is also expected to deliver productivity gains.

Gary Stephenson, money laundering reporting officer at Prudential, said: “We chose LexisNexis to replace our existing systems and screen millions of our customers daily against sanctions, Politically Exposed Persons and our own internal watch lists as they delivered excellent results during evaluation.”

He added: “We were really impressed with how fast and easy it is to use Bridger Insight. From our thorough testing of the software, we are confident that it can be configured to identify exact and close matches while keeping false positives low and easily handle the high volumes of clients we need to screen to comply with the sanctions regime. Its fuzzy-name matching algorithm delivered superior results.”

The same screening system is used by over 3,400 organisations, including many insurance companies for sanctions compliance. Bridger Insight is able to scale from 10,000 to 10 million names in real-time or batch processing against all sanctions, watch lists and PEPs.

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