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.