Complinet continues to support the fight against money laundering and terrorist financing with integration of Global PEP List
Compliance intelligence specialist equips financial community with enhanced PEP screening to aid compliance and mitigate customer risk in lead up to implementation of the Third Money Laundering Directive on December 15, 2007
London, UK — December 12, 2007 — Complinet, the leading provider of risk management solutions to financial services organizations, has announced a strategic partnership with WorldCompliance, a leading information provider specializing in the aggregation of information on Politically Exposed Persons.
The partnership means that Complinet’s advanced Global Screening platform now integrates the most comprehensive and innovative knowledge base of PEPs to help firms apply enhanced customer due diligence in the ongoing fight against corruption, money laundering, terrorism and other criminal activities.
Richard Russell, group managing director of Complinet’s Global Screening division, said: “It is critical that financial services organizations consider quality PEP lists prior to the Third Money Laundering Directive which comes into effect in the UK on 15th December.”
“Integrating WorldCompliance’s Global PEP List further strengthens our ability to provide our customers with a seamless, risk-based approach to their AML activities,” said Russell. “The unique structure and content allows financial organizations and legal firms to significantly reduce risk, time and cost by leveraging Complinet’s advanced matching engine, workflow and case management technology to screen and identify PEPs within their own large customer databases.”
Dirk Mohrmann, chairman at WorldCompliance, said: “We are excited to welcome an industry and technology leader like Complinet as a partner. Our joint risk-based approach makes a robust contribution to the integrity of the financial system, helping customers with reducing false positives and drastically saving resources often needed in the increased due diligence efforts due to the Third Money Laundering Directive.”
Russell explained: “The challenge for money laundering prevention teams is not the lack of rules and regulations, but the ambiguity that surrounds them, and the volume of names to be checked on a daily basis. We help organizations by providing them with the right tools to help them focus where the risk is greatest so they can not only protect themselves, their reputation and their customer base, but also play their part in global efforts against money laundering and terrorist activity.”
About WorldCompliance
WorldCompliance™ is a widely accepted industry standard for financial institutions that truly want to protect their reputation and fully comply with international regulations. WorldCompliance operates effectively in over 20 different risk categories, including PEPs. Its Global PEP List portrays more than 900,000 PEPs, their family members and close associates. After nearly a decade the WorldCompliance client list currently stands at over 2000 and spans five continents. To date, more than 50 of the world’s largest financial institutions have chosen WorldCompliance as their partner in compliance.
http://www.worldcompliance.com
About Complinet
Complinet is the leading provider of dynamic and connected risk and compliance solutions to the global financial services industry.
The company’s solutions minimise exposure to risk by providing the information and technology to track and connect live external events, such as regulatory or sanction changes, with internal policy management and screening activities.
Complinet was founded in 1997 and has offices in New York, London, Sydney and Dubai. Every day, industry professionals in more than 1,600 firms across 81 countries rely on Complinet to provide information, analysis and solutions that help them keep pace with changing regulations.
