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FinScan Offers Hosted PEFP Screening Service for Canadian Financial Institutions
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Affordable solution to comply with Bill C-25’s new screening requirements |
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Pittsburgh, PA – February 20, 2008 – FinScan, a leading provider of sanctions list and PEP compliance screening solutions for the financial services industry, today announced that its Hosted PEFP Screening Service is available for Canadian institutions seeking to comply with the provisions of Bill C-25, Canada’s updated Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulation. Under the new law, financial firms are required to screen clients for Politically Exposed Foreign Persons (PEFPs). The deadline to meet this new screening requirement is June 23, 2008. |
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FinScan now offers Canadian banks and financial services firms a complete and affordable PEFP screening solution, including an internationally-accepted PEFP list which is used by financial institutions in Canada, the US and Europe. The hosted service can be easily integrated into the account opening process and enables institutions to periodically re-screen all customer records to ensure compliance with Canada’s new AML and ATF requirements. |
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“FinScan developed this service to help Canadian firms meet the fast approaching deadline,” said Murray Dickman, FinScan’s chief operating officer. “We realize that Canadian companies want to reliably comply with C-25 in the most economical way possible. This service delivers all the protection and control of an in-house screening solution without all the costs that are associated with installing and running licensed software. It’s an all-in-one solution for screening new and existing customers for known PEFPs and sanctioned entities. Clients simply initiate the screening and review the results. FinScan does the rest.” |
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Used in more than 1,000 projects worldwide, FinScan’s robust screening technology enables organizations to screen client records using very precise rules determined by the financial institution. This process significantly reduces the risks and costs associated with missing important matches (false negatives) and researching excessive preventable matches (false positives). |
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About FinScan
As the compliance business division of Innovative Systems, Inc., (ISI), FinScan protects organisations against non-compliance with the world-class data quality and data matching capabilities that are the cornerstone of all ISI products and services.
FinScan helps financial services organisations worldwide meet the requirements of international government regulatory agencies by providing the most advanced sanctions list and PEP compliance solutions available. FinScan offers 24/7/365 list management; licensed, hosted, or transactional screening options; and automated due diligence reports to help ensure the most effective and accurate compliance for our clients. The FinScan Web site is located at www.finscan.com.
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About Innovative Systems, Inc. (ISI)
Innovative Systems is a world leader in delivering enterprise customer information solutions to organizations whose success depends on a complete and accurate understanding of their customers. ISI's data quality, data management, and compliance solutions include the i/Lytics® Enterprise Data Quality Suite; i/Lytics GLOBAL™ a CASS-certified address verification solution; Synchronos™, a master data management solution for enterprise customer data, and FinScan for compliance list, sanctions and PEP screening. |
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| Since 1968, companies worldwide have relied on ISI’s data quality software, systems integration, database solutions and customer data quality audits. The company has set the standard for data quality management in thousands of applications in more than 30 countries. Innovative Systems is headquartered in Pittsburgh, Pennsylvania, site of the 2009 G20 summit, with European offices in London, and representative offices in Brazil, Mexico, Netherlands, South Africa, and the Middle East. The Innovative Web site is located at www.innovativesystems.com. |
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Company Press Contact:
Karin O'Sullivan
Innovative Systems, Inc.
Tel: +1 (412) 937 7678
kosullivan@innovativesystems.com |
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Trademark Notice
i/Lytics, i/Lytics PostLocate, Synchronos and FinScan are trademarks of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners. |
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