IFSA-IQ allows anyone with Internet access to verify a name against a comprehensive database of compliance information, including financial fraudsters, "politically and financially exposed persons" and those on worldwide sanctions lists. IFSA-IQ is a service that is delivered by IFSA online and is powered by Prime Associates.
"The IFSA has again raised the bar by offering IFSA-IQ to its membership. IFSA-IQ will provide enhanced due diligence to financial institutions worldwide through the Internet, allowing cost effective access to databases previously only available at a very high cost," said Salvatore Cangialosi, president, Prime Associates, Inc.
"We are confident that the IFSA-IQ service will assist our membership as well as other banks around the globe in meeting their compliance obligations," said Ernest Fiore, vice president, International Financial Services Association.