PR Newswire -- January 27, 2011
PITTSBURGH, January 27, 2011 /PRNewswire/ -- FinScan, a leading international
provider of sanctions, PEP and heightened risk screening solutions for the
financial services industry, today announced that the international relief and
development organization ACTED (Agency for Technical Cooperation and
Development) has contracted to use FinScan's Web-based interactive solution.
ACTED will screen its suppliers and potential suppliers against the OFAC SDN
(U.S. Office of Foreign Assets Control Specially Designated Nationals) list to
meet the requirements of its Associate Regulation Compliance (ARC).
An independent, not-for-profit organization, ACTED's mission is to assist
populations affected by wars, natural disasters and/or economic and social
crises, and to accompany them in building a better future. Its multidisciplinary
interventions are adapted to each population's needs and typically include
emergency relief, food security, health promotion, education and training,
economic development, microfinance, advocacy and institutional support, and
cultural promotion. ACTED helps ensure the sustainability of its interventions
by remaining on the field after the emergency, involving the communities, and
engaging in long-term support to break the poverty cycle and accompany the
populations on their way to development. Although ACTED is headquartered in
Paris, screening will be performed at its Haiti office.
"ACTED is committed to meeting the highest standards of accountability and
humanitarian management, including compliance with anti-terrorism and anti-money
laundering regulations," said Eric Stander, country logistic manager for ACTED.
"FinScan gives us the screening precision and data security we insist on, yet it
is also very economical and easy to use. Implementation and training went
smoothly, and there were no problems in its interaction with our database."
Proven in thousands of projects worldwide, FinScan's robust matching methodology
supports the fast, accurate screening of records with very precise,
user-configurable rules for suspicious records. Its advanced processing greatly
reduces the risk associated with missing real matches (false negatives), and
minimizes the time and cost associated with researching false matches (false
positives). With interactive, ad hoc searches such as ACTED is performing,
FinScan returns results within seconds.
"ACTED provides critical emergency and development support to populations trying
to survive and recover from disaster," said Michael Ott, ISI senior VP," and
we're pleased to support them in meeting their compliance obligations. FinScan
assists clients not only by providing highly accurate, reliable screening, but
also by automatically producing the audit and due diligence reports required by
the anti-terrorism and anti-money laundering mandates. In that way, we help our
clients stay focused on what they do best."
FinScan is the compliance brand of Innovative Systems, Inc. (ISI), a premier
provider of data quality, customer data integration, and business intelligence
support solutions worldwide.
Founded in 1993 and headquartered in Paris, ACTED implements approximately 170
relief and recovery projects a year in Africa, Asia, the Middle East, Latin
America and the Caribbean, addressing the needs of populations affected by
natural and man-made disasters. Independent, apolitical, and non-governmental,
it respects a strict political and religious impartiality and operates according
to principles of non-discrimination and transparency. The ACTED web site is
located at http://www.acted.org.
As the compliance brand of Innovative Systems, Inc. (ISI), FinScan protects
organizations against non-compliance with the world-class data quality and data
matching capabilities that are the cornerstone of all ISI products and services.
FinScan helps organizations worldwide meet the requirements of international
government regulatory agencies by providing the most advanced sanctions list and
PEP compliance solutions available, offering 24/7/365 list management; licensed
or hosted deployment; outsourced case tool review; transactional screening
options; and automated due diligence reports to help ensure the most effective
and accurate compliance for its clients.