OTP Bank Selects Bloomberg as Sanctions Data Provider

Adoption of Bloomberg's comprehensive sanctions dataset will streamline OTP Bank's trade compliance through automated workflows

NEW YORK, Nov. 22, 2022 /PRNewswire/ -- 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 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.

About OTP Bank
OTP Group provides high quality financial solutions to meet the needs of nearly 16 million customers through more than 1,400 branches, agent networks and the state-of-the-art electronic channels. OTP Bank has completed several successful acquisitions in the past years, becoming a key player in the CEE region. Besides Hungary, OTP Group currently operates in 10 countries of the region via its subsidiaries.

About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration.

For more information, visit Bloomberg.com/company or request a demo.

Disclaimer
The information contained herein and any related data provided by Bloomberg is not and should not be construed as tax, accounting, legal or regulatory advice or opinions, or sufficient to satisfy any tax, accounting, legal or regulatory requirements. Users are solely responsible for the selection and use of appropriate parameters, inputs, models, formulas and data for meeting their tax, accounting, legal or regulatory requirements.

SOURCE Bloomberg