MB Financial selects Innovative Systems software for OFAC compliance

Source: Innovative Systems

Chicago-based MB Financial Bank, N.A., has chosen Innovative Systems' eWatchLine compliance solution for its Trust and Asset Management Department to screen its customers against the U.S. Treasury's Office of Foreign Assets Control (OFAC) list as required by government regulations.

eWatchLine, which is web-based, will replace MB Financial's current compliance solution.

MB Financial will be utilizing eWatchLine to perform real-time checks of new customers against OFAC's Specially Designated Nationals (SDN) list, and will use the solution's service bureau capability to periodically compare its customer databases against the list in batch mode. This flexible solution will allow MB Financial to off-load the complex task of managing and tracking updates to the OFAC list, while easily screening customers in a real-time or batch setting.

Innovative's web-based solution will allow MB Financial to precisely define their suspect matching rules in order to confidently reduce false positives. It will also maintain matching and audit reports electronically, reducing compliance management costs.

"We selected Innovative Systems because of the company's track record of success in providing high-value solutions to the financial services industry," said Jennifer DeVries, Director of Risk Management and Operations for the Trust and Asset Management Department of MB Financial Bank. "We were impressed with eWatchLine's flexibility, which allows us to screen not only new customers, but also regularly check our entire customer database. The ability to electronically manage our due diligence reports contributes to the ease of maintaining an effective compliance program."

By combining online screening and database processing, Innovative Systems' compliance solutions provide organizations with the benefits of proven, reliable compliance screening systems, without the infrastructure costs associated with the implementation of traditional compliance software systems.

"Flexible combinations of Innovative's compliance offerings continue to be an attractive solution for organizations of all sizes, across industries," said Jeff Canter, Innovative's executive vice president of operations. "We are pleased that this approach has proven to be a viable alternative to traditional software licensing, and we will continue to work to provide the most innovative and effective business solutions in the compliance market."

Comments: (0)