FinScan, a leading international provider of sanctions, PEP and heightened risk screening solutions, today announced its integration and support of the new World-Check Iran Economic Interest (IEI) solution. World-Check, the world authority on regulatory and reputational risk identification and remediation, developed the IEI database in response to the increased prohibitions on business relationships with Iran as required by international legislation such as the U.S. Governmentâs Comprehensive Iran Sanctions, Accountability and Divestment Act (CISADA) of July 2010 and the U.N. Security Council Resolution 1929 (UNSCR 1929), as well as sanctions passed by the European Union, Canada, Australia, Japan and others. Through its integration and delivery of the World-Check IEI data, FinScan is now equipped to provide its customers the ability to automatically screen every client, relationship and transaction for individuals and entities believed to have had a relationship with Iran.
To assist organizations in complying with the recent sanctions, the new World-Check database includes not only entities associated with the Islamic Revolutionary Guard, which World-Check has monitored for many years, but also reported associations with Iranâs energy, financial, trade, insurance and transportation sectors, among other sectors. World-Check analyzes and then profiles risk intelligence from many hundreds of thousands of public domain sources in more than 60 languages, including Farsi, across 5 continents with over 450 researchers. To date World-Check has identified tens of thousands of organizations and individuals engaged in sanction-relevant activity and has identified hundreds of entities, often years before they appeared in official sanctions lists.
âThe U.S. Treasury Department has made it very clear that it will not tolerate any business or financial organization that does business with the United States to also do business with Iran,â said Michael Ott, senior vice president of FinScan. âCISADA and the other new international anti-Iran sanctions also demand higher levels of screening accuracy and due diligence than previous anti-terrorism and anti-money laundering mandates.
âFinScanâs robust matching software already operates seamlessly with World-Checkâs new IEI database,â Ott continued, âand has been successfully used to screen the customers of a major U.S. financial institution. Weâve demonstrated the ability to meet the requirements of processing this unique new file and are pleased to be working with World-Check and its clients in complying with these sanctions.â
Proven in thousands of projects worldwide, FinScanâs robust matching engine facilitates the efficient and accurate screening of customers with very precise, user-configurable rules for flagging suspicious records. Its sophisticated processing greatly reduces the risks associated with missing real matches and minimizes the time and costs associated with researching false matches. It can be used to screen customers against virtually any PEP or sanctions database or list, trade or industry sanctions list, fraud, deceased, or internal do-not-do-business list.
To meet the compliance screening needs of a broad range of corporate, private and public organizations, FinScanâs powerful screening capabilities are available as a licensed, hosted or Internet-based transactional solution. FinScan processes billions of transactions annually on a hosted basis for clients in the Americas, Europe, the Middle East and Africa. Its clients include financial service companies, transportation authorities, government agencies, and companies utilizing the software and services to screen suppliers, clients, and employees. FinScan can be easily interfaced with ERP, payment, shipping invoice, and financial service firmsâ application systems.
In addition to unparalleled screening precision, all FinScan solutions provide a comprehensive compliance package that includes sanctions list management and updating services, as well as automatic production of the audit and due diligence reports that the U.S. and international mandates require.