Dow Jones Sanction Alert Helps Firms Comply With New NACHA, SWIFT Operating Rules, Standards While Controlling Costs by Minimizing Alerts; Showcasing at Sibos 2009, Hong Kong, Sept. 14-18
Dow Jones Sanction Alert, a new highly structured data feed, helps financial institutions worldwide manage the impact of enhanced international payment formats by dramatically reducing false positives and duplicate alerts without increasing exposure to risk.
Reducing false alerts is of critical importance because of new National Automated Clearing House Association (NACHA) regulations taking effect on Sept. 18 and changes to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) message formats taking effect Nov. 21. These changes will significantly increase the number of payments classed as international and therefore subject to sanctions regimes and result in a corresponding increase in the number of high-priority alerts requiring immediate investigation.
“As businesses that handle International ACH Transactions or SWIFT payments face impending regulations, they must considerably alter their current payment screening process to avoid being buried in alerts and to maintain the integrity of their sanctions screening programs,” Rupert de Ruig, managing director of Risk & Compliance for Dow Jones & Company said. “Dow Jones Sanction Alert employs a customizable dataset and proprietary technology to help significantly reduce false positives and speed up investigations, allowing businesses to comply with the new international payment regulations without overextending their workforce or budget.”
The Dow Jones Risk & Compliance Sanctions Team monitors international sanction lists 24 hours a day on a “follow-the-sun” basis from five research centers around the world. Dow Jones Sanction Alert clients benefit from strict quality controls and a comprehensive set of secondary identifiers which maximize efficient clearing of alerts whilst providing the greatest possible protection from risk.
“New regulations, heightened enforcement and internal budget pressure mean compliance and operations departments must implement new solutions to improve efficiency and effectiveness,” de Ruig said. “Dow Jones Sanction Alert answers this requirement with a product that can be customized to meet firms’ regulatory obligations and easily integrated into current compliance systems.”
Dow Jones Sanction Alert will be showcased at Sibos 2009, September 14-18 in Hong Kong. Sibos attendees can visit Dow Jones in the exhibitor’s hall at booth 3A01 for a demo and information.
For more information about Dow Jones Risk & Compliance, visit www.fis.dowjones.com/products/risk.html. To set up a meeting at Sibos or arrange a personal demonstration of Sanction Alert, email firstname.lastname@example.org or call +1 800 369 0166 (in the U.S.), +44 203 217 5100 (in Europe) or +61 2 8272 4600 (in Australia and Asia).
About Dow Jones
Dow Jones & Company (www.dowjones.com) is a subsidiary of News Corporation (NASDAQ: NWS) (NASDAQ: NWSA) (ASX: NWS) (ASX: NWSLV). Dow Jones is a leading provider of global business news and information services. Its Consumer Media Group publishes The Wall Street Journal, Barron’s, MarketWatch and the Far Eastern Economic Review. Its Enterprise Media Group includes Dow Jones Newswires, Factiva, Dow Jones Client Solutions, Dow Jones Indexes and Dow Jones Financial Information Services. Its Local Media Group operates community-based information franchises. Dow Jones owns 50% of SmartMoney and 33% of Stoxx Ltd. and provides news content radio stations in the U.S.
Source: Dow Jones & Company
Web site: http://www.dowjones.com/