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Innovative Systems Extends OFAC Compliance
Solution to Identify Client Records with Ties to
"Most Wanted" Suspects |
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| Pittsburgh, PA - October 03, 2001 - Available immediately, the newly upgraded OFAC Compliance Solution from Innovative Systems, Inc. now enables public and private organizations to compare client records against lists of criminal suspects and fugitives published by U.S. and international government agencies. The software can be licensed to run in real-time or batch mode. When utilized in its unique real-time mode, the upgraded OFAC Compliance Solution can identify potential criminal suspects while an actual transaction is taking place. |
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| The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) periodically publishes a list of suspect individuals, foreign countries, terrorism-sponsoring groups and international narcotics traffickers subject to financial transaction controls and the freezing of foreign assets. Innovative's OFAC Compliance Solution enables financial institutions to report and block transactions with these suspects by identifying client records that may match suspects on the OFAC list. |
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| With the software's expanded capabilities, client records can now be compared to the FBI's Most Wanted and Fugitive List, the U.S. Marshal's Most Wanted List, the Bureau of Export Administration's Denied Persons List, Interagency's International Fugitives List, Interpol's Wanted Notices and the U.S. Drug Enforcement Administration's Fugitives List. Additionally, the solution can be easily modified to perform matches against any other kind of database or user-defined list. |
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| "Just as we have for more than 30 years, Innovative is committed to meeting organizations' evolving data integrity needs," said Bob Colonna, president and CEO, Innovative. "Now, with intensified pressure to hinder the activities of potentially harmful people and groups, governmental entities and companies ranging from airline reservation providers and hotels to importers and exporters require the extended capabilities of our OFAC Compliance Solution. The software allows them to conduct more comprehensive security checks, instantly. At the same time, users can be assured that the software's high degree of accuracy helps to prevent erroneous action from being taken." |
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| One of the most powerful aspects of Innovative's OFAC Compliance Solution is its ability to perform matches in real-time. This can allow companies in sensitive industries, such as tourism, international commerce and hazardous materials, to perform on-the-spot data searches when processing customer reservations or orders. Client records matching suspects on "most wanted" lists are identified immediately. Governmental agencies monitoring immigration, customs and drug enforcement also can use the software to quickly authenticate individuals' identities at key checkpoints. |
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| To ensure that individuals and enterprises are accurately identified, Innovative's OFAC Compliance Solution offers a granular level of detail for data cleansing and matching that is unparalleled in the industry. Prior to running the client database against the selected list, Innovative prepares the suspect list by rigorously cleansing the data. This includes identifying joint names, aliases and name order; distinguishing between personal and corporate names; standardizing upper and lower case text; parsing pertinent information contained within "care of" and "attention" lines that might be overlooked; and reformatting. |
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| Once the target list has been prepared, users can employ the enhanced OFAC Compliance Solution's extensive heuristic matching technology to compare the list to the client database. The software can go beyond name-only matching to search on address only, or both name and address. This technology identifies matches despite significant record variances. Users also can easily establish specific criteria that represent the degree of similarity allowable, thereby adjusting the matching granularity to meet their unique business needs, while minimizing false-positive matches. |
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| A GUI-based review tool provides for further evaluation of matched records, enabling the user to decide which matches to reject and which to research further on a match-by-match basis. Records deemed as no-matches can then be suppressed as potential suspects in future processes, further reducing the possibility of false-positive matches. |
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| Competitive solutions require client records to be exported outside of the organization for processing via Internet protocols or leased lines. These methods create potential risks, such as data tampering and unreliable 24/7 access. By licensing Innovative's OFAC Compliance Solution, organizations can perform searches within the security of their in-house IT systems, thereby eliminating these risks. |
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| Information on the OFAC Compliance Solution can be accessed directly at www.innovativesystems.com/product/iLytics_secure.php. |
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| About Innovative Systems, Inc. |
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| 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 solutions include: i/Lytics® Enterprise Data Quality Suite; i/Lytics GLOBAL™ Suite for CASS™ certification, geocoding, and longitude/latitude coordinates; Synchronos™, ISI’s proven CDI and enterprise customer management solution; and FinScan™ for compliance list, sanctions and PEP screening compliance. |
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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 customer-centric projects utilizing the firm’s services for creation and maintenance of customer data. ISI’s work has included clients in more than 30 countries. ISI maintains headquarters in Pittsburgh, Pennsylvania, with European operations based in London. Representative offices are in Washington, D.C., Phoenix, AZ, and Mexico City. 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 Data Profiler, i/Lytics SECURE, eWatchLine, FinScan and Synchronos 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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