Top > Business > 2004 > December > 2004-12-19

TFP Enhances Account Screening Solution

TFP, a leading provider of data and software solutions for financial and corporate institutions, announced a launch of an updated version of their account interdiction screening solution, iCIF, this week. iCIF is designed to automatically screen files of account or policy holders against lists of high-risk entities, including the TFP Enhanced Office of Foreign Assets Control OFAC list, the European Union List, the AUSTRAC List, Canadian lists and the Bank of England list. In all, TFP offers over 25 different regulatory and enhanced due diligence screening lists in their Global WatchList suite of entity data. The new version of iCIF includes several significant improvements to facilitate and streamline the process by which users examine and verify customer accounts that match against the Global WatchList suite. The Rules Module has been enhanced to further reduce the number of false positives. In addition, the results of each screened file are dynamically presented to give the user an overview of the dispositioning work left to be performed. Finally, iCIF now includes a Persistent Good File mechanism that allows users to perform maintenance on previously screened accounts without losing any data that needs to be preserved for future compliance reporting. This new release addresses the time-consuming task of dispositioning matches, said Brian Raymaker, product manager. Compliance professionals have limited human resources available to perform these tasks and the enhancements in this version will allow users to cut their dispositioning time in half. iCIF provides financial institutions with the data necessary to avoid conducting business with high-risk entities and any mitigated fines associated with those business dealings. TFP continues to grow its products to fit its customers needs, said David Leverenz, associate director. We are pleased to be able to meet the needs of todays compliance professionals.