CNL Financial Group Signs 3-Year Contract for Suspect Screening Using FinScan’s eWatchLine

Pittsburgh - 16 December 2009

Solution supports complex, multi-level screening requirements

FinScan, a leading international provider of sanctions, PEP and heightened risk entity screening solutions, today announced that CNL Financial Group, Inc., (CNL) one of the nation’s largest privately held real estate investment and development companies, has renewed its eWatchLine sanctions screening contract for a three-year term.

The agreement, which extends an existing relationship that has been in place since 2007, enables CNL to use eWatchLine to automatically screen its transaction partners’ names against the Specially Designated Nationals (SDN) List as is required by the U.S. Office of Foreign Assets Control (OFAC) for all U.S. persons and by the Financial Industry Regulatory Authority (FINRA) for its registered broker-dealer, CNL Securities Corp.

eWatchLine enables public and private organizations to quickly and accurately compare client records against any suspect, sanctions or PEP list, as required by the U.S.A. PATRIOT Act of 2001, OFAC, FINRA and other U.S. and international regulations. It is fully Web-based and is easily accessible through any standard browser.

CNL’s eWatchLine implementation is more intricate than the typical deployment due to the multiple feeds involved. The business divisions using eWatchLine are covered by the same CNL OFAC policy, but, in order to comply with the information sharing restrictions of the PATRIOT Act, they must be administered as separate accounts, with separate portals for each division to conduct and report its own customer screenings. eWatchLine ensures that there is no co-mingling of information among divisions and that the privacy of the output is maintained within each division.

“We implemented eWatchLine two years ago,” said Susan Terenzio, CNL’s OFAC policy administrator. “We knew we had a challenging implementation, and eWatchLine came highly recommended by our IT Department as offering not only the control we needed, but the flexibility necessary to accommodate our multiple-user structure. It was very easy to implement, and its operation has been seamless ever since. Our IT Department does its homework, and it paid off yet again in the form of eWatchLine.

“eWatchLine’s automatic record-keeping is another fantastic benefit,” Ms. Terenzio added. “It tracks and maintains the results of all one-off searches as well as the batch run reports – including the details necessary for auditing purposes – so we don’t have to. It’s all maintained as part of eWatchLine’s Internet-based protocol. It certainly minimizes the paper files that we need to keep for our OFAC search records. At my fingertips, I have reports on individual searches – plus the results of the automatic, periodic feeds from each division’s aggregate database of transaction partners. Thanks to eWatchLine, the time required for monitoring and daily management of our OFAC policy is quite manageable. For us, it’s been a win all around.”

eWatchLine enhances the accuracy of its screening process by performing rigorous data cleansing, formatting and maintenance on the raw suspect lists as well as the customer data as it is entered. Its sophisticated heuristic matching technology finds matches despite switched name order, address variations, compound organizational elements, misspellings, aliases, acronyms, abbreviations and other anomalies.

“We are delighted to extend our relationship with such a highly respected organization as CNL,” said Murray Dickman, COO of FinScan. “We are pleased to continue to provide the complex, multi-level functionality they require to meet their compliance and financial privacy needs.”

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