Wolters Kluwer Financial Services Enhances RiskID Advanced Intelligence Suite to Meet U.K. Financial Institutions` Specific Risk Tolerances

Solution Can Help Institutions More Easily and Cost-Effectively Comply with EU`s
Third Money Laundering Directive
LONDON--(Business Wire)--
Wolters Kluwer Financial Services announced today that it has enhanced its Wiz
Sentri: RiskID Advanced Intelligence Suite to help U.K. financial institutions
more easily and cost-effectively identify and investigate individuals who
present a higher risk for committing financial crimes. The company`s solution
can now be customised to match each institution`s specific risk tolerances,
helping them to focus their time and resources on investigating only those
individuals who present the greatest risk of committing financial crimes,
including money laundering and defrauding the organisation.

Using RiskID AIS` advanced filtering and priority scoring algorithms, financial
institutions are better able to reduce the number and associated costs of false
positives, or individuals and business entities incorrectly identified as high
risk in each data scan.

For example, an institution with 250,000 customers and a false positive rate of
one percent could have 2,500 false positives to review during each data scan.
Assuming it takes 15 minutes for an employee salaried at £35,000 to clear each
false positive, the approximate cost of false positives within a single scan can
be estimated at approximately £13,000. By eliminating false positives, the
institution will save money, and also optimise the review process, enabling
employees to focus their efforts on individuals posing the most risk.

Additionally, the solution facilitates compliance with regulatory requirements,
which helps avoid the fines and reputational damage that accompany enforcement
actions. The European Union`s Third Money Laundering Directive requires
financial institutions in member countries such as the U.K. to identify and
perform enhanced due diligence on Politically Exposed Persons (PEPs) during
account opening and as customers thereafter. By checking these individuals
against a robust PEP database and negative media archive like those offered
through RiskID AIS, institutions can reliably establish the applicant`s or
customer`s level of risk.

Wolters Kluwer Financial Services has strengthened the dynamic filtering
capability within RiskID AIS to help U.K. institutions scan large customer
batches against watch lists and other data sources like news services. Using a
risk-based methodology, RiskID AIS identifies the higher-risk individuals and
rank relative risk. This pinpoints customer profiles of greatest concern
according to the institution`s specific risk tolerance. The solution`s
streamlined investigation tools expedite the process of resolving each positive
match.

"The ability of RiskID AIS to help institutions assign risk scores to
individuals is paramount," said Todd Cooper, vice president and general manager
of Wolters Kluwer Financial Services Financial Intelligence Unit. "The
alternative, which unfortunately is all too commonplace, is sifting through
mountains of data to investigate everyone, which is not a sound practice from
either a business or regulatory compliance perspective."

Wolters Kluwer Financial Services offers compliance solutions that address
challenges related to regulatory research, policy management, personal account
dealing, anti-fraud, corporate actions and anti-money laundering. For more
information, visit www.wolterskluwerfs.co.uk.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content,
and technology solutions and services that help financial organizations manage
risk and improve efficiency and effectiveness across their enterprise. The
organization`s prominent brands include Bankers Systems, VMP Mortgage Solutions,
PCi, AppOne, GainsKeeper, Capital Changes, NILS, AuthenticWeb and Uniform Forms.
Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global
information services and publishing company with annual revenues of (2008) €3.4
billion ($4.9 billion) and approximately 20,000 employees worldwide. Please
visit our Web site for more information.

Wolters Kluwer Financial Services
Jennifer Marso, 612-852-7912
Director of Corporate Communications
Jennifer.marso@wolterskluwer.com
On Twitter: @JenniferMarso
or
Angela Peterson, 612-656-7745
Senior Public Relations Specialist
Angela.peterson@wolterskluwer.com
On Twitter: @AngiePeterson

Copyright Business Wire 2009