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FinScan’s Hosted PEP Screening Service Gains Momentum
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Imminent FSA visits drive move to quickly deployable Hosted AML Solution |
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London, United Kingdom – April 8, 2008 – FinScan, a leading provider of sanctions list and PEP compliance screening solutions for the financial services industry, today announced that its software-as-a-service solution, FinScan Hosted, is gaining momentum with financial services organizations seeking to quickly implement an AML screening program as part of the 3rd EU Directive. FinScan Hosted can be installed and fully operational across any organization in a matter of days. |
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Now that the December 2007 deadline for complying with the 3rd EU Directive has come and gone and more firms face an imminent FSA visit, the speed of deployment of a hosted solution has become increasingly attractive. Outsourcing 3rd EU Directive compliance may offer particular appeal for UK organizations, as a recent survey conducted by KPMG International found that UK financial services companies are more than 3 times as likely to outsource some of their AML functions than their counterparts in the rest of Europe. |
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Whereas other hosted screening services are limited to single client look-ups or small ‘bulk’ comparisons, FinScan’s Hosted solution provides financial services firms worldwide with the ability to screen any number of customers and associates in a single process against all PEP (Politically Exposed Persons) databases of money launderers, fraudsters, terrorists and sanctioned entities, such as World-Check, as well as any published sanctions lists, internal risk lists and industry-specific lists. |
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In addition, FinScan Hosted now offers users the option of bringing the solution in-house at any point during the contract term. This gives organizations that require an immediate implementation of an AML screening solution the flexibility to move to a licensed solution at a later date if they so desire. Protection of Investment is guaranteed with a large percentage of the costs invested in the hosted service being credited towards the in-house license. |
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“FinScan Hosted offers financial services firms a unique opportunity to combine industry-leading PEP screening capability with fast, hassle-free deployment,” said Mike Healy, FinScan’s executive vice president EMEA operations. “Plus, clients have the added advantage of being able to bring the solution in-house at any time they feel it’s appropriate,” Healy concluded. FinScan’s Hosted PEP screening service has already been utilized by companies such as Legal & General, Birmingham Midshires, Marex Financial, and many more. |
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About FinScan Hosted
FinScan Hosted delivers proven, world-class PEP screening performance on an economical, easy-to-manage, SaaS (Software as a Service) basis. It can meet all of an organization’s customer screening needs – from millions of records to one – yet it can be deployed enterprise-wide in just a few days. Its screening parameters, volumes and schedules can be customized to meet an individual organization’s business and operational needs. |
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To support the crucial process of reviewing suspicious records, FinScan produces detailed reports identifying matches to the client’s selected PEP database, along with a fully secure, Web-based case management and review tool. This unique tool assists clients in their review and enhanced due diligence by providing direct access to supporting information from the AML database. To further streamline review operations for improved results and reduced costs, comprehensive audit trail, management reporting and ‘safe-list’ functionality are also built into the hosted service. |
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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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