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MAREX Financial Selects FinScan
Hosted Compliance Solution for Sanctions
and PEP Screening
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London, United Kingdom – March 11, 2008 – FinScan, a leading provider of Sanctions list and PEP compliance screening solutions for the financial services industry, today announced that MAREX Financial has selected the FinScan Hosted compliance solution to aid in the company’s goals to reduce risk and meet the heightened screening requirements of recent Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulations. The FinScan solution comprises a Hosted Screening service together with a subscription to the FinScan List Management service. The screening service will be used to check new and existing clients against FinScan’s Sanctions List data as well as World-Check’s Politically Exposed Persons (PEP) due diligence data, both part of the List Management service. |
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During the evaluation process, MAREX Financial outlined their key compliance solution requirements. First and foremost, they required a solution that would provide full integration with World-Check PEP data. As important, to ensure that the time-consuming process of reviewing sanctions and PEP screening results would be managed efficiently, MAREX wanted precision matching software that would minimize the number of false positives. Additional requirements included “intelligent” Safe List processing to avoid rechecking previously cleared individuals and entities; a hosted case management tool that would significantly reduce administrative effort; and an automated, comprehensive audit trail to simplify required record keeping. And because MAREX wanted to have a solution up and running as soon as possible, rapid, cost-effective implementation was imperative. |
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“We are looking forward to working closely with MAREX Financial,” said John Haley, FinScan sales and marketing manager. “In addition to implementing the FinScan Hosted screening solution and case management tool, MAREX Financial is subscribing to our List Management service. This will reduce the administrative overhead of monitoring and managing the various sanctions and PEP databases, and will also minimise the risk of screening against old versions of lists, which would significantly reduce accuracy.” |
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Used in thousands of projects worldwide, FinScan’s robust matching engine facilitates the efficient and accurate screening of large volumes of records with very precise, user-configurable rules for flagging suspicious records. This process greatly reduces the risk associated with missing real matches (false negatives), and minimises the time and cost associated with researching false matches (false positives). |
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About MAREX GROUP
MAREX Group Ltd was formed in December 2005 by an affiliate of Marathon Asset Management LLC ("Marathon"). Marathon, headquartered in New York, is a global alternative investment asset management company with over $10 Billion in capital under management. MAREX Group provides Brokerage, Trading and Technology services through a number of brands: |
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MAREX Financial Limited is a leading independent Broker specialising in Commodities, Financial Futures and Foreign Exchange. MFL provides Broking services and E-Trading platforms, from London and Geneva. MFL Clients include Banks, Corporate CTA’s, Hedge Funds, Introducing Brokers and professional individuals. |
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MAREX Trading was first established in 1998 and is one of Europe’s premier Electronic Trading businesses. MT has 150 trading personnel operating from offices in London and Gibraltar. MAREX Trading is a division of MFL. |
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Easyscreen has been developing trading technology for the Futures Markets since it was established in 1998. Easyscreen now has over 400 active platform users. Easyscreen is a division of the MAREX Group. |
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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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