New York, NY, July 16, 2018 – eSpear today announced a partnership with Dow Jones Risk & Compliance to further build and enhance its third party risk and compliance screening system. eSpear’s solution, which is powered entirely by Dow Jones data, will assist both financial institutions and corporations in complying with the myriad of global and local laws, regulations and rules regarding sanctions, anti-terrorism, anti-money laundering, know-your-customer, anti-corruption, bank secrecy and trade compliance across their business spectrum.
Dow Jones’ highly structured data sets include global sanctions and watch lists, politically exposed persons and adverse news, as well as lists for state-owned-enterprises, beneficial owners of sanctioned entities and entities owned by sanctioned individuals, dual use goods, licensed marijuana dealers, human traffickers, and other proprietary content.
“The solution is specifically designed to take full advantage of the structure, data points and other unique attributes and benefits of Dow Jones’ content,” said Jonathan Arnold, Chief Operating Officer of eSpear. This was achieved by mapping every data point within the individual lists of each Dow Jones data set into eSpear’s industry leading 30,000+ rule screening engine and user interface. The solution can be plugged into the core banking system, customer relation management system, vending onboarding platform, or any other system within the individual divisions and departments of a financial institution or corporation and then tuned to that division’s and/or department’s specific compliance requirements.
“The complete mapping of each Dow Jones data set into eSpear’s screening engine and user interface creates a compliance solution that can be used for wire transfers and online transactions, onboarding and trade compliance in every jurisdiction within the same financial institution or organization,” said Alex Tame, Global Head of Partnerships and Content Integration for Dow Jones Risk & Compliance.
The solution is engineered by design to be completely customizable and intuitive to use, with minimum false positives and high-speed processing times. “This provides users of the joint solution with the lowest total cost of ownership,” said James T. Hughes Jr., Chief Executive Officer of eSpear. “Not only is the joint solution priced competitively, but compliance officers will save a significant amount of time with the screening and remediation process and prevent fines and negative publicity by identifying bad actors that no other compliance system identifies.”
The solution is available in 72 languages, including Arabic, Chinese, English, Hindi, Japanese, Russian and Spanish as both a SaaS service and as an installed license. It incorporates an audit log, customizable reports, continuous monitoring/re-screening, new data alerts, suspicious activity reporting (SARs), currency transaction reporting (CTRs), FinCEN 311 screening, and workflow management. It uses state-of-the art encryption and data security technology and is fully compliant with all European Union Data Privacy Directives.
“One area of continued growth for us is ‘the blockchain’ where participants can interact without intermediaries,” said James Greenberg, Vice Chairman of eSpear. “With the peer to peer architecture of the blockchain, the ability to customize the Dow Jones data sets combined with the speed and versatility of eSpear’s screening engine provide a highly secure and near seamless client solution.”
“Truly any business in any industry in any jurisdiction can take advantage of this solution as well as the depth and breadth of Dow Jones Risk & Compliance data,” added Boris Tiomkin, Executive Chairman of eSpear. “No other compliance solution can match our speed, accuracy, reliability, security or ease of use.”
About eSpear LLC
eSpear specializes in providing accurate real-time global anti-money laundering and know your customer compliance and third-party risk management solutions. We enable organizations to protect their name and reputation in the market place by identifying and preventing fraud, terrorist financing, money laundering, human trafficking and other criminal or suspicious activity.
About Dow Jones Risk & Compliance
Dow Jones Risk & Compliance is a global provider of third party risk management and regulatory compliance solutions. Working with clients across the globe, it delivers research tools and outsourced services for on-boarding, vetting and investigation to help companies comply with anti-money laundering, anti-bribery, corruption and economic sanctions regulation in mitigating third party risk. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).