DataFlux Enhances Compliance Capabilities Through Partnership with World-Check.CARY, N.C. -- DataFlux connects to the World-Check database to help institutions automatically screen customers for risk DataFlux(R) Corporation, a leading provider of data management solutions, today announced a partnership with World-Check, a prominent provider of intelligence on potential high-risk financial customers. By linking the DataFlux matching engine to the World-Check database, DataFlux clients can screen their customers against a comprehensive list of individuals and businesses from over 230 countries that are known to represent a money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. , compliance or reputational risk. For industries such as financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , the ability to screen clients against structured lists of potential high-risk individuals and organizations is a critical component of any regulatory compliance program. The agreement between DataFlux and World-Check means that financial institutions will now be provided with timely assistance in determining if customers and transactions comply with requirements such as those arising out of the USA PATRIOT Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. and those enforced by the Office for Foreign Assets Control (OFAC OFAC Office of Foreign Assets Control (US Treasury) OFAC Ontario Farm Animal Council (Canada) OFAC Olmsted Falls Airport Committee OFAC Organic Fertilizer Association of California ), among others. "At the foundation of all DataFlux solutions is a sophisticated, customizable matching engine that can compare data across tables, databases and languages to locate potential matches," said Tony Fisher, president and general manager of DataFlux. "Compliance-based solutions are a natural evolution of this technology. With the World-Check partnership, we can now give our customers access to a vast database of entities to match against - and enhance the breadth and depth of their compliance program." DataFlux solutions coupled with the World-Check database allow companies to take advantage of the sophisticated DataFlux matching engine to identify and flag suspicious transactions or records. The customizable matching technology takes into account misspellings, nicknames, transpositions, language-sensitive derivation, and other common errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. that may thwart traditional matching techniques. "Through its innovative technology, DataFlux has become an industry-leading provider of data validation and verification solutions," said David Leppan, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of World-Check. "DataFlux has done an excellent job interfacing the World-Check database with the DataFlux matching engine. Financial institutions can now effortlessly harness the DataFlux engine to meet their growing compliance and anti-money laundering requirements." The World-Check database is the largest structured database of publicly available intelligence on heightened-risk financial customers, including known money launderers, fraudsters, Politically Exposed Persons (PEPs), terrorists, organized criminals, narcotics narcotics n. 1) techinically, drugs which dull the senses. 2) a popular generic term for drugs which cannot be legally possessed, sold, or transported except for medicinal uses for which a physician or dentist's prescription is required. traffickers, arms dealers, shell financial institutions and their beneficial owners, sanctioned entities and over a dozen other high-risk categories. World-Check tracks and creates profiles for such entities and gathers information on their relationship network - the people and companies that are reported to be associated with each entry in the database. The World-Check database is updated twice daily and is derived from over 140,000 public sources. About World-Check World-Check serves more than 770 institutions, including many regulatory and government agencies in over 65 countries, with its global list of heightened-risk individuals and organizations. World-Check assists institutions in mitigating reputational, financial and compliance risk by monitoring and correlating risk-related information on high-risk entities. Financial institutions can therefore very efficiently screen their new and existing customers for risk on a routine basis. Recognized as an industry pioneer, World-Check has revolutionized and "standardized" global Know Your Customer (KYC KYC Know Your Customer KYC Know Your Client ) and PEP screening. For more information, please visit www.world-check.com. About DataFlux DataFlux offers complete, end-to-end data management solutions for organizations that want to realize more tangible, immediate value from their information assets. A wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. (www.sas.com), DataFlux helps companies improve the consistency, accuracy and reliability of critical customer and business data. DataFlux solutions - consisting of data profiling, data quality, data integration, data augmentation and data monitoring - allow companies to build a solid information foundation that can enhance the effectiveness of data-driven applications, including customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ), data warehousing and database marketing. To learn more about DataFlux, visit www.dataflux.com. DataFlux and all other DataFlux Corporation product or service names are registered trademarks or trademarks of, or licensed to, DataFlux Corporation in the USA and other countries. (R) indicates USA registration. Copyright (C) 2004 DataFlux Corporation, Cary, NC, USA. All Rights Reserved. Other brand and product names are trademarks of their respective companies. |
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