ComplianceOTP Bank Selects Bloomberg as Sanctions Data Provider

Adoption of Bloomberg's comprehensive sanctions dataset will streamline OTP Bank's trade compliance through automated workflows
PRNewswire PRNewswireNovember 23, 20224 min

Bloomberg today announced that 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. This announcement marks the latest in Bloomberg’s continued collaboration with OTP Bank building on their use of the Bloomberg Terminal, Bloomberg’s real-time market data feed, B-PIPE, TOMS and MARS.

In today’s sanctions landscape, firms need to have the infrastructure in place to respond to events on both an immediate and ongoing basis. 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. 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.

“Trade screening compliance has become both one of the most important and most complex processes,” said Zoárd Gázmár, director of Compliance Directorate, at OTP Bank. “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.”

“Identifying sanctioned entities and securities and knowing the type of sanction is a complex process, which leaves little room for error,” said Brad Foster, Global Head of Enterprise Data Content at Bloomberg. “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.”

Bloomberg’s sanctions data solution monitors sanctions across 10 global jurisdictions — the United StatesUnited Kingdom, European Union, United Nations, CanadaSwitzerlandJapanAustraliaHong 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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