LAS Partners with Semagix to Help Banks Track Suspected Money Launderers, Terrorists; Leading name-recognition technology integrated with Semagix's Know-Your-Customer (KYC) Solution - CIRAS.HERNDON, Va. -- Language Analysis Systems, Inc., makers of power name-recognition technology, announced today that it has partnered with White Plains, N.Y.-based Semagix Inc. to help its bank clients fulfill regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for knowing their customers, and for tracking suspected money launderers and terrorists. Semagix provides a "screening and targeting" engine that enables people or "things" to be risk scored and prioritized based on directly and indirectly related information gathered from open and closed sources. The U.S. Patriot Act Patriot Act: see USA PATRIOT Act. requires financial institutions to compare customer information against various watch lists, including 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 , the Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U. , administered by the U.S. Department of the Treasury. U.S. businesses are required to check their customers against the lists, which include names of people and organizations with whom they are not permitted to do business. "Financial institutions face stiff penalties for failing to comply with these requirements," said Jack Hermansen, LAS 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. . "Leveraging the integrated technologies of Semagix and LAS give banks and other financial institutions the most advanced 'know-your-customer' (KYC KYC Know Your Customer KYC Know Your Client ) application on the market today." Under terms of the agreement, Semagix will integrate the entire suite of LAS software in its CIRAS CIRAS Center for Industrial Research and Service (Iowa State University Extension, Ames, Iowa) CIRAS Computational Intelligence, Robotics, and Autonomous Systems (Conference) solution. Those LAS products include NameHunter, NameClassifier, NameParser and the NameVariationGenerator. LAS technology will ensure that Semagix can search for cultural information about names, such as what country the name is most typically found and variant spellings of those names. Citibank is using the Semagix/LAS offering to identify possible name variants. "Our partnership with LAS allows our customers to feel confident that they are fulfilling their know-your-customer requirements," said Larry Levy, president and CEO of Semagix. "LAS has analyzed almost a billion names collected worldwide over the past two decades, defining fast, accurate strategies for name matching and improved search outcomes." LAS is the world's recognized leader in providing multi-cultural name recognition software solutions for mission-critical applications. LAS has worked with U.S. Intelligence and Border Protection agencies for nearly two decades, developing a revolutionary and patented approach to name matching and searching. Through its intensive analysis of almost one-billion names collected worldwide, LAS has automated the linguistic rules, which process names used throughout the world to define fast, accurate strategies for name matching and improved search outcomes. The company's technology helped U.S. special agents track the 9/11 terrorists to their Florida connections in the days following the terrorist attacks on the U.S. in 2001. About Semagix Semagix's Freedom platform powers semantic applications. Freedom creates "Smart Data," infusing raw content and data with domain-specific knowledge that is both current and relevant. Enterprises use Freedom, and its powerful actionable "Smart Data," to create agile applications that solve industry challenges and exploit marketplace opportunities. The Semagix platform has been used to solve business challenges in 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. , government intelligence and law enforcement. Semagix is headquartered in White Plains, New York For other places with the same name, see White Plains (disambiguation). White Plains is a city in south-central Westchester County, New York, about 4 miles (6 km) east of the Hudson River and , with offices in Athens, Georgia Athens-Clarke County is a unified city-county in Georgia, U.S., in the northeastern part of the state, at the eastern terminus of Georgia 316. The University of Georgia is located in this college town and is responsible for the initial creation of Athens and its subsequent growth. , Washington, D.C., and London, England. More information can be found at www.semagix.com or by e-mailing sales@semagix.com. About LAS LAS has two decades of experience in making products that solve the complex problem of understanding unfamiliar names by combining computational linguistics computational linguistics (CL) Use of digital computers in linguistics research. The simplest examples are the use of computers to scan text and produce such aids as word lists, frequency counts, and concordances. with advanced software engineering. LAS software is used by Law Enforcement, U.S. Intelligence and Border Inspection agencies as well as commercial corporations. The government contracts that LAS has been awarded over the years have been "sole-source justified," meaning that no other company has the expertise needed to fulfill these advanced technology contracts. For more information, please visit www.las-inc.com. |
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