Perfect Timing for FinScan's Ultimate Beneficial Ownership (UBO) Solution

New version of FinScan AML solution automates UBO due diligence, helping organizations meet regulatory deadlines

Date: 02/01/2017

PITTSBURGH, PA – February 1, 2017 – Innovative Systems, Inc., a leading global provider of enterprise data management and regulatory compliance solutions, today introduced the FinScan Ultimate Beneficial Ownership (UBO) solution. It integrates FinScan’s robust anti-money laundering (AML) offering with the largest global UBO databases, such as those from Bureau van Dijk. Organizations worldwide can now instantly identify ultimate beneficial owners of an entity and automatically screen them against sanctions lists in a single process, ensuring compliance with international regulations in a much more efficient manner.

Regulations such as the EU 4th AML Directive and FinCEN Final CDD Rule soon will require institutions to know more about the ownership structures of companies with which they do business. Current processes make this a time-consuming and resource-intensive undertaking. Particularly challenging is the task of identifying true owners of entities with very complex ownership structures, many of which operate through offshore shell companies.

Many financial institutions rely on their customers to provide beneficial owner information, or they conduct manual research on each. Paul Doody, chief marketing officer at Innovative Systems said, “Feedback from our clients was that limitations of their existing manpower and infrastructure made it difficult to meet regulatory requirements, especially with high risk customers. They needed an efficient way to demonstrate that they’d done the checks rather than simply relied on the customer’s word. FinScan’s UBO solution allows them to stay in compliance without a massive investment.”

FinScan’s UBO solution streamlines customer onboarding and ongoing monitoring to expedite the KYC/CDD process. The accuracy of the information and screening technology allows companies to feel confident that they know exactly who they are dealing with and avoid accidental involvement with money laundering or other proceeds of crime.

The FinScan UBO solution allows organizations to:

  • Automatically identify UBOs and screen them against watch lists
  • Identify multi-layered ownership structures and global connections of private or public companies, including offshore entities
  • Customize ownership thresholds according to the organization’s risk appetite
  • Integrate FinScan UBO with internal onboarding systems for safe and seamless account opening
  • Capture all due diligence information under a single FinScan client profile, including KYC/ownership data and related documents
  • Display a complete audit history of screening results, including all remediation efforts
  • Significantly reduce time and resources spent on customer due diligence while efficiently complying with regulations and enhancing customer satisfaction

About Innovative Systems, Inc.
Innovative Systems, Inc. is a global leader in the development and delivery of high-performance enterprise data management and risk management solutions to organizations whose success depends on a complete and accurate understanding of their customers. Since 1968, companies worldwide have relied on Innovative's data management software, systems integration, database solutions, Master Data Management (MDM) offerings, and compliance solutions.

Innovative has its global headquarters in Pittsburgh, Pennsylvania, US; EMEA/APAC headquarters in London, UK; and additional sites in Germany, Canada, Mexico, the Cayman Islands, Colombia, the Netherlands, and Singapore. Innovative's products and services are used in more than 40 countries, and its Software as a Service (SaaS) solutions process over 49 billion customer records annually.

About FinScan
As the compliance brand of Innovative Systems, FinScan is a leading global provider of advanced anti-money laundering (AML) solutions. Organizations faced with ever-increasing regulatory requirements rely on FinScan to efficiently screen customers, vendors, and other associates against any high-risk, sanctions, or internal black lists. Using proprietary data quality and matching technologies, FinScan helps minimize false positives and reduce the risk of missing true hits. Its sophisticated engine is also recognized for its exceptional speed and scalability, and can easily be configured to your specific risk profile. Its case management tool streamlines the review process through its workflow support and custom reporting capabilities. FinScan's comprehensive offering includes sanctions and PEP screening, SWIFT/transaction screening & monitoring, ID validation, beneficial owner screening, and data enrichment capabilities through on-premise or SaaS deployments.

Karin O’Sullivan
Vice President, Marketing Communications
(412) 937-7678


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