Source: Innovative Systems
Innovative Systems (ISI), a leading provider of data quality and regulatory compliance solutions, today announced the launch of Fin-Scan, its new compliance solutions business group.
The formation of this independent unit within the ISI corporate structure underscores the company's commitment to the expansion of its compliance software solutions portfolio. The move also signifies ISI's intention to manage this growth business as an entity separate from its long-established and mature data quality operations. Fin-Scan is a sponsor of Money Laundering Alert's 12th Annual International Conference, being held at the Westin Diplomat Resort in Hollywood, Florida from March 19 - 21, 2007.
ISI introduced its first regulatory compliance product in 1998, developed for the company's U.S. banking customers to help them improve the screening of their clients against the U.S. Treasury's OFAC (Office of Foreign Assets and Control) list. Since that first offering, the scope of ISI's compliance solutions has expanded to enable clients to fulfill domestic and international anti-money laundering and terrorism prevention requirements mandated by legislation such as the U.S.A. PATRIOT Act, the EU's Third Directive, and others.
Fin-Scan's solutions enable financial services firms worldwide to screen their customers and associates against virtually any published sanctions list and, as well as internal risk lists and industry-specific lists such as the list published by FinCEN (Financial Crimes Enforcement Network). It also integrates with all public and third-party PEP lists and databases, including the widely-used World-Check, Factiva and Regulatory Data Corporation (RDC) databases. Fin-Scan's licensed, hosted, or transactional screening options; list management; and automated due diligence reports together help financial services firms to achieve effective and accurate compliance with domestic and international mandates.
"The launch of Fin-Scan represents an important milestone for ISI and our customers," said Murray Dickman, Fin-Scan's chief operating officer. "We're pleased to be introducing Fin-Scan at this important annual AML event. And, we look forwaard to continuing to extend the Fin-Scan solution set to meet the changing needs of our global financial services customers - many of whom are attending the conference this week," concluded Dickman.