Moody’s Corporation (NYSE:MCO) has announced that it has acquired Bogard AB, a leading provider of data and information on politically exposed persons (PEPs) in the Nordic region. The acquisition advances Moody’s ability to help customers perform Know Your Customer (KYC) screening and research to address financial crime.
Bogard covers over 17,000 PEPs, relatives, and close associates across Sweden, Norway, Denmark, and Finland. The company collects, refines, and updates its data using various sources, including tax authorities, business and real estate registries, and other directories in the Nordic region.
“Access to accurate, up-to-date information on politically exposed persons is vital for banks, corporations, and other market participants seeking to prevent money laundering and other forms of corruption,” said Keith Berry, General Manager of Moody’s KYC business unit. “Bogard’s sophisticated technology and local expertise further expands Moody’s integrated risk assessment capabilities to address financial crime, and deepens our presence in the region.”
Moody’s will integrate Bogard into its KYC business within Moody’s Analytics, and will combine Bogard’s data with its existing PEP, sanction, and adverse media data. The transaction builds on Moody’s previous investments in KYC and anti-money laundering (AML) capabilities, and augments its Orbis company database and Grid database of adverse news, sanctions, and PEPs.
“Integrating Bogard’s existing delivery channels with Moody’s Analytics offerings creates opportunities for unique KYC solutions in the Nordic market,” said Eric Almbladh, Chairman of Bogard. “The quality of Moody’s risk information products makes this a natural fit and assures future benefit for our customers.”
Source: Moody’s Press Release