Reuters selects Complinet for customer screening data
Reuters to offer Complinet's real-time compliance information and technology as part of Reuters DataScope Select
New York, NY and London, UK - July 9, 2007
Complinet, the leading provider of solutions that dynamically deliver relevant compliance intelligence to industry professionals, has signed a global contract with Reuters. The deal will provide Reuters DataScope Select subscribers with the ability to screen selected entities against international sanctions lists, watch lists and other information that can help them comply with counterparty and "Know Your Customer" regulations.
Under the terms of the agreement, Complinet will provide Reuters Enterprise Information, a division of Reuters, with a comprehensive screening capability, which uses a combination of Complinet's Global Screening technology platform and its extensive database of international sanctions and watch lists. The information will be made available to all Reuters DataScope Select subscribers from July 2007.
Reuters DataScope Select is a hosted service that provides pricing and validation data to financial institutions. This consists of coverage of equities, funds, derivatives, foreign exchange, governments and municipals with full back-office requirements, which include regulatory and compliance reporting.
Complinet worked closely with Reuters's global product teams to define and deliver a highly-customized version of its Global Screening product. Complinet Global Screening allows organizations to check individual and institutional customer names against restricted lists, enabling sophisticated and reliable anti-money laundering procedures. It provides access to more than 11,000 sources and 120 sanction lists and enforcement records from bodies across the globe, including the Federal Bureau of Investigation, the Office of Foreign Assets Control , the Bank of England, the Financial Action Task Force , Central Intelligence Agency, and Interpol.
Chris Pilling, founder and CEO of Complinet, said: "Reuters has a global reputation and this is a great endorsement of the accuracy and breadth of our real-time information services. Around the world, financial institutions, fund managers and legitimate businesses must ensure that they conduct business with reliable and trustworthy individuals and organizations. Any failure of due diligence can result in reputational damage and the risk of falling foul of laws, regulations and internal corporate policy."
Jonathan Hodgson, Head of Regulatory Compliance data for Reuters Enterprise Information, said: "Two significant factors led us to award the contract to Complinet: the timeliness, breadth and accuracy of the data sources behind its Global Screening product, and the level of customization that Complinet could deliver to ensure that the screening data, regulatory information and sanction lists matched our exact requirements."
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 minimize 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 employs more than 200 people in its 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.
About Reuters
Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Through reuters.com and other digital properties, Reuters now also supplies its trusted content direct to individuals. Reuters drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 16,900 staff in 94 countries, including 2,400 editorial staff in 196 bureaux serving 131 countries. In 2006, Reuters revenues were £2.6 billion.
