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FinScan and TONBELLER Join Forces to Combat Money Laundering Activity
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London, United Kingdom – July 10, 2008 – FinScan, a leading provider of Sanctions list and PEP compliance solutions for the financial services industry, and TONBELLER, one of the world’s leading suppliers of anti-money laundering compliance solutions, today announced the development of a joint methodology that will enable financial services organizations to greatly expand the scope and effectiveness of their PEP screening and transaction monitoring initiatives with minimal increase in administrative effort. |
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High volumes of false positives drive organisations to screen only those customers with a high risk product category or portfolio. Due to this limitation, sophisticated money launderers are able to beat the system by using a combination of ‘low risk products’ to reduce the probability of being screened. |
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FinScan and TONBELLER have joined forces to minimise this exposure by offering a package of ‘best of breed’ products that now make it possible for an organisation to screen their entire customer database for PEPs and other heightened risk entities and combine this with transaction monitoring based not only on the behaviour of the customer but also on their individual risk factors. This comprehensive risk-based approach will enable organisations to screen and monitor their complete database with only a marginal increase in the number of records requiring review. |
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Mike Healy, FinScan’s executive vice president of operations, EMEA, says, ‘This new development is more than simply widening our product offerings and geographical coverage by partnering. The integration of FinScan with TONBELLER’s SironAML offering ensures that each product actually enhances the functionality of the other. This truly unique approach brings excellent products together to minimise the exposure organisations are potentially suffering – a great example of one plus one equalling three.” |
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"We believe that our partnership will help FinScan and TONBELLER to bring a better solution and more value to the market,” explains Torsten Mayer, Managing Director of TONBELLER. "This partnership strengthens the competitive edge that our SironAML product has against other transaction monitoring solutions that fail to address the challenges of the Third EU Money Laundering Directive because it delivers to the client a more comprehensive way of screening for all money laundering activity – including that which is designed to not be detected. We look forward to challenging the activity that this loophole facilitates." |
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About TONBELLER
For 35 years, TONBELLER has been one of the leading providers of business intelligence software. Banks, insurance providers and financial service providers use its compliance solutions to help detect and combat white-collar crime. The company's range of products covers the areas of risk analysis, combating money laundering, fraud detection, sanctions list monitoring and securities market abuse. We are committed to remaining a dependable partner in the future for all matters pertaining to compliance management and for this reason we continue to invest in targeted R&D of our software solutions. The outstanding expertise of the company is reflected in over 700 successful client installations in 40 different countries. |
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For further information about TONBELLER and its products, visit www.tonbeller.com. |
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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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