Financial institutions worldwide are facing major problems in security and screening of customer accounts. With so much money laundering, tax fraud and hidden funding for terrorist activities going on in the world financial market, regulations and screening must be improved in order to keep lending institutions out of trouble.
Traditionally, Swiss banks have been the ultimate safe haven for those who want complete security and confidentiality from their bank. The popular myth that once you open a Swiss bank account it is untouchable by any outside entity is not entirely true, but it is true that Swiss banks have a much stricter policy than most when it comes to revealing information about their customers.
In the last year the number of ‘suspicious’ transactions, i.e. the transfer of funds into and out of Swiss banks, increased by more than five percent, and that small percentage
amounted to somewhere around 2.23 billion Swiss francs (or about 1.5 billion pounds).
Dr. Jonathan Pell is CEO of Datanomic, one of the largest organizations that offers data screening and integration for financial entities such as banks, insurance companies and asset managers. Dr. Pell notes that identifying what are known as Politically Exposed Persons (PEPs) and screening potential customers against sanction lists has become increasingly crucial in today’s world, and that Switzerland in particular is under pressure from other countries to conform to new, stricter regulations imposed by international regulatory agencies.
Datanomic has introduced a system called dn:Director for Sanctions & PEP Screening that the company claims will vastly improve and streamline the screening process for its users. The software is designed to insure the banks comply with all financial regulations while retaining the confidentiality their customers demand, and allows each institution to ‘police’ its accounts from within, but still allow complete auditability by regulators.
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