This news article has been repurposed from content originally published by Dow Jones.
Serving over three million personal and business customers, Danske Bank is the largest bank in Denmark, and one of the leading banks in the Nordic states. While retail banking is Danske Bank’s largest segment, its global banking services extend to commercial loans, money transfers, insurance products, and more.
In that complex global regulatory environment, Danske Bank’s compliance and financial crime leadership needed to enhance the transparency and management of its compliance controls, strengthening its collective anti-money laundering (AML) response and preparing for future regulatory challenges. With that goal in mind, Danske Bank engaged Dow Jones Risk & Compliance to implement the Dow Jones Advanced Adverse Media Screening (DJAAMS) platform, a highly customisable, AI-based compliance platform, powered by Ripjar.
Next Generation Screening
Ripjar developed the DJAAMS platform to increase financial institutions’ risk management capabilities with a focus on PEP, sanctions and adverse media screening. Joel Lange, Dow Jones Risk & Compliance General Manager, emphasised the potential and scope of the integration: “We are delighted to provide Danske Bank with our market leading solution combining our best of breed data and media solutions with market leading screening tools.”
Amongst a spectrum of AML tools, DJAAMS integrates Dow Jones’ Watchlist data, Factiva adverse media data, and a range of proprietary analytics. Its key benefits include:
- Data quality and scope: DJAAMS offers access to high quality, accurate data, with expansive global coverage. The platforms includes Dow Jones Risk and Compliance Data (reviewed and audited by Big 4 Consultancy), market-leading PEP and sanctions data, and a range of proprietary data sets. Similarly, Factiva’s premium content collection includes 30,000 licensed global news sources.
- Reducing false positives: Ripjar’s next generation screening technology incorporates machine learning and AI analytics, specifically developed for adverse media search purposes. Our cutting-edge tools have been proven to reduce false positive AML alerts by up to 80%.
- Algorithmic tuning: Ripjar’s screening platform allows firms to tune the DJAAMS’ analytics tools and name matching algorithms to meet the specific needs of their AML programme. In practice, this means Danske Bank can customise its AML solutions to the regulatory environments in which it operates around the world.
- Screening automation: DJAAMS was designed to integrate with a firm’s internal AML systems in order to fully automate adverse media screening, reducing administrative paint points while adding efficiency to other compliance processes. An on-premise solution, DJAAMS ensures that client data never goes beyond the firm’s firewalls and maintains the highest levels of cyber-security.
Empowering Danske Bank
In choosing DJAAMS, Danske Bank is implementing an end-to-end software and data solution powered by trusted global vendors. Working with the support and technical expertise of Ripjar and Dow Jones Risk & Compliance, Danske Bank will be able to shape the adverse media screening platform into a powerful, custom solution capable of meeting a spectrum of complex technical requirements.