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2008 Press Releases

Innovative Systems’ FinScan Offers Hosted PEFP Screening Service for Canadian Financial Institutions

Affordable solution to comply with Bill C-25’s new screening requirements

Pittsburgh, PA – February 20, 2008 – Innovative Systems, Inc. (ISI), a global provider of data quality and regulatory compliance solutions, today announced that its compliance solutions business group, FinScan, has launched a Hosted PEFP Screening Service for Canadian institutions seeking to comply with the provisions of Bill C-25, Canada’s updated Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulation. Under the new law, financial firms are required to screen clients for Politically Exposed Foreign Persons (PEFPs). The deadline to meet this new screening requirement is June 23, 2008.

FinScan now offers Canadian banks and financial services firms a complete and affordable PEFP screening solution, including an internationally-accepted PEFP list which is used by financial institutions in Canada, the US and Europe. The hosted service can be easily integrated into the account opening process and enables institutions to periodically re-screen all customer records to ensure compliance with Canada’s new AML and ATF requirements.

“FinScan developed this service to help Canadian firms meet the fast approaching deadline,” said Murray Dickman, FinScan’s chief operating officer. “We realize that Canadian companies want to reliably comply with C-25 in the most economical way possible. This service delivers all the protection and control of an in-house screening solution without all the costs that are associated with installing and running licensed software. It’s an all-in-one solution for screening new and existing customers for known PEFPs and sanctioned entities. Clients simply initiate the screening and review the results. FinScan does the rest.”

Used in more than 1,000 projects worldwide, FinScan’s robust screening technology enables organizations to screen client records using very precise rules determined by the financial institution. This process significantly reduces the risks and costs associated with missing important matches (false negatives) and researching excessive preventable matches (false positives).

FinScan helps financial services organizations worldwide meet the requirements of 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.

FinScan protects organizations against non-compliance with the world-class data quality and data matching capabilities that are the cornerstone of all the Innovative Systems Inc. (ISI) products and services.The FinScan Web site is located at www.finscan.com.

About Innovative Systems, Inc.

ISI’s comprehensive data integration solution, the i/Lytics® Enterprise Data Quality Suite, comprises i/Lytics Data Profiler™ for data profiling and analysis; i/Lytics® Data Quality for customer data and master data management; and i/Lytics GLOBAL™, a CASS-certified address verification and validation solution. Other ISI solutions include FinScan™ for sanctions and PEP compliance and Synchronos ™, a centralized master registry of customer data that ensures accurate and synchronized enterprise customer data management for improved cross-departmental business and compliance decision-making.

Since 1968, enterprise-class companies worldwide have relied on ISI’s data quality software, systems integration, database solutions and customer data quality audits. ISI has set the standard for data quality management in thousands of applications in more than 30 countries. ISI maintains headquarters in Pittsburgh, Pennsylvania, with European operations based in London. Representative offices are located in Brazil, Mexico and South Africa. The Innovative Web site is located at www.innovativesystems.com.

Company Press Contact:

Karin O'Sullivan
Innovative Systems, Inc.
Tel: +1 (412) 937 7678
kosullivan@innovativesystems.com

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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