D&B provides MiFID-related services to ABN AMRO

Dutch banking group ABN AMRO is implementing D&B data across its global facilities for the purposes of becoming MiFID compliant.

D&B, the worlds leading source of business information and insight, has further expanded their Enterprise Risk and Compliance offerings into MIFID related services. D&B has been enabling companies to “decide with confidence” for over 166 years and D&B’s global commercial database now contains more than  million business records making them the largest global data provider in the world and a perfect source for key performance indicators required by MiFID. The deadline for complying with the Markets in Financial Instrument Directive is only a few months away now and MiFID being very client orientated means that the identification and classification process must be completed by 1 November 2007. This creates a challenge for many financial institutions and D&B are helping address this challenge both in terms of data quality reviews, data cleansing and providing all key data elements needed to comply.

Adam Bassett, Leader of Financial Markets at D&B says “By using D&B to help classify their clients for MiFID, ABN AMRO gains access to the world’s largest and highest quality global commercial business information database. Providing MiFID key performance indicators compliments our existing relationship with the bank as their global business reference data provider.”

ABN AMRO says: "D&B currently provides us with Industry Related Client Data which is critical in supporting our regulatory programs and effective client data management. D&B has provided an extended MIFID data set enabling us to meet our MIFID obligations in terms of time and against a competitive cost."

Adam Bassett added: "D&B's solution enables banking clients to derive significant additional benefits beyond MiFID classification; using D&B's unique 9 digit Global Identifier, our financial clients can identify linkages to other businesses in corporate family trees, applicable to AML and Know Your Customer requirements. Going one stage further, this can provide a strong platform for more effective client data management through the whole operation, benefiting not only compliance, but also the complete client management life cycle, from reducing 'time to trade' to improving relationship management opportunities."

Learn more about D&B’s other Enterprise Risk & Compliance solutions. »

Decide with confidence today. For more information on D&B’s Compliance Solutions, call 01628 492713 or email.