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FinScan to Perform PEP Screening for THB
Feb 23, 2010 (07:02 PM EST)


LONDON, Feb. 23 /PRNewswire/ -- FinScan, a leading provider of sanctions, PEP and heightened risk screening solutions for the financial services industry worldwide, today announced the implementation of its licensed screening solution by specialty market insurance broker Thompson Heath & Bond Limited (THB). THB will use FinScan to screen new and existing customers against the World-Check data file consisting of Sanctions, Politically Exposed Persons (PEPs), and Heightened Risk Entities data sources.

THB runs one of the largest and most successful Lloyd's broking operations in the specialty market sector and is based principally in the London market, but serves clients and markets throughout the UK and internationally through its worldwide network of offices. Its services include insurance and reinsurance broking, risk management, and underwriting services to wholesale and retail clients.

"We fully support the objectives of the 3rd EU Directive and wanted a solution that delivers the highest level of screening accuracy," said Ray Brown, MLRO at THB Group. "After investigating a number of screening solutions, we found that FinScan combines the sophisticated matching methodology we sought with a platform that is easy to implement and use."  

FinScan helps organisations of all sizes comply with the anti-money laundering and anti-terrorism mandates of the 3rd EU Directive and other UK and international regulations by providing powerful, yet cost-effective, solutions for screening any volume of records – from several million to individual ad hoc checks. It is available as a hosted service as well as on a licensed basis, and clients can easily switch from one to the other as their screening needs evolve.

"Like many of our clients, THB is committed to complying with anti-money laundering mandates of the 3rd EU Directive, but recognises that the required screening, review and record-keeping can divert valuable time and resources from their core business," said John Haley, Senior Vice President, FinScan EMEA. "FinScan's complete screening package, including list management, automated review tool, and production of audit trails and reports, helps THB's management and staff meet their compliance obligations, while keeping their attention focused on their bottom line."

Used in thousands of projects worldwide, FinScan's robust matching engine facilitates the efficient and accurate screening of large volumes of records with very precise, user-configurable rules for flagging suspicious records. This process greatly reduces the risk associated with missing real matches (false negatives), and minimises the time and cost associated with researching false matches (false positives).

About THB

THB is an independent insurance and reinsurance broker, based principally in the London Market, but serving clients and markets throughout the UK and internationally from London and via its network of offices worldwide.  Established in 1968, THB provides insurance and reinsurance broking, risk management and underwriting services to wholesale and retail clients. The group includes one of the largest and most successful Lloyd's broking operations in the specialty market sector.

About FinScan

As the compliance business division of Innovative Systems, Inc., (ISI), FinScan protects organisations 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 financial services organisations worldwide meet the requirements of international government regulatory agencies by providing the most advanced sanctions list and PEP compliance solutions available. FinScan offers 24/7/365 list management; licensed, hosted, or transactional screening options; and automated due diligence reports to help ensure the most effective and accurate compliance for our clients. The FinScan Web site is located at www.finscan.com.

Trademark Notice

FinScan is a trademark of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners

SOURCE FinScan