Prudential UK scan watch lists and sanctions using Bridger Insight
08 Oct 2014 12:00 am
With clients around the globe benefiting from our valuable services for due diligence and research purposes, we often get asked about the impact of our work and how we help our users. To that end, we have worked with some of our clients to showcase how our solutions have helped them. These case studies are now featured in a series of posts.
Prudential UK is a leading life and pensions provider to 7 million customers in the United Kingdom. They are part of Prudential plc, who are an international financial services group who have £457 billion of assets under management.
Prudential UK have to comply with sanctions to avoid the risk of heavy fines and protect their corporate reputation. As insurers they must regularly screen clients against sanctions and watch lists to make sure they know who they are doing business with.
A 2009 report published by the Financial Services Authority (FSA), 'Financial services firms' approach to UK financial sanctions' encouraged companies to review their approach to sanctions screening. This prompted the Financial Crime Prevention team to review their existing screening arrangements to ensure they had the best process possible in place.
Prudential were looking for a solution that could screen millions of customers against sanctions, Politically Exposed Persons (PEPs) and their own internal watch lists every day.
"We needed a solution that was accurate and would be quick to implement," said Gary Stephenson, MLRO.
Bridger Insight offers access to a sophisticated fuzzy-name matching algorithm to screen large volumes of clients against all the required lists. It alerts Prudential when there is a match allowing them to take immediate action. To maintain further control, they have chosen to install Bridger Insight behind their own firewall.
"To make sure Bridger Insight could deliver what we needed we carried out some thorough tests. We were really impressed with how fast and simple it is to use. The fuzzy-name matching algorithm delivered excellent results which were easy to understand. In addition to identifying exact and relevant close matches it will help us effectively manage our false positive rate."
Access to data like this isn’t just limited to international financial services groups; organisations of all sizes can take advantage of our services to support due diligence processes. If you feel like your due diligence process needs a bit of an overhaul, you might benefit from a consultation with one of our specialists.
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