OTP Bank, member of OTP Group, one of the largest independent financial service providers in Central and Eastern Europe, has selected Bloomberg as its data provider to support OTP Bank’s pre-trade and post-trade securities sanctions compliance.

“Trade screening compliance has become both 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”,

said Zoárd Gázmár, director of Compliance Directorate, at OTP Bank.

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.

“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”,

said Brad Foster, Global Head of Enterprise Data Content at Bloomberg.

Bloomberg’s solution provides high-quality data that is detailed, verified, and can be integrated into OTP Bank’s existing workflows streamlining pre-trade and post-trade sanctions compliance.

Bloomberg’s sanctions data solution monitors sanctions across 10 global jurisdictions — the United States, United Kingdom, European Union, United Nations, Canada, Switzerland, Japan, Australia, Hong Kong and Singapore.

The solution uses Bloomberg’s corporate hierarchy database and a sophisticated rules engine to help identify entities that are potentially explicitly and implicitly sanctioned, as well as instruments issued by such entities.

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