Hungary-based OTP Bank has selected Bloomberg as its data provider to support OTP Bank’s pre-trade and post-trade securities sanctions compliance.
Through the adoption of Bloomberg’s sanctions data solution via Data License, OTP Bank will have access to legal entities and financial instruments identified as being potentially impacted by sanctions.
The solution uses Bloomberg’s corporate database and rules engine to help identify entities that are potentially explicitly and implicitly sanctioned, as well as instruments issued by such entities.
Bloomberg’s solution can be integrated into OTP Bank’s existing workflows streamlining pre-trade and post-trade sanctions compliance.
The announcement marks the latest in Bloomberg’s continued collaboration with OTP Bank, building on their use of Bloomberg’s real-time market data feed, Bloomberg Terminal.
OTP Bank is a member of the OTP Group which operates in 10 countries across the CEE region via its subsidiaries.
Commenting on the mandate, Zoárd Gázmár, director of compliance directorate at OTP Bank, says: “Trade screening compliance has become one of the most important and most complex processes. We selected Bloomberg’s data solution given their comprehensive coverage of both corporate and security-level sanctions data so we can react dynamically and compliantly.”
Brad Foster, global head of enterprise data content at Bloomberg, comments: “Identifying sanctioned entities and securities and knowing the type of sanction is a complex process, which leaves little room for error. Bloomberg’s sanctions data solution gives OTP Bank access to data and information to support their compliance decisions throughout their pre-trade and post-trade workflow.”
