Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Compliance

09:21 PM
Commentary
Commentary
Commentary
50%
50%

Fear Factor

Factor3 to offer a name-checking tool with its PACMonitor product suite.

Factor3, a Colorado Springs-based software vendor specializing in USA Patriot Act-compliance monitoring, has partnered with Language Analysis Systems, a Herndon, Va.-based software vendor, to offer a name-checking tool with its PACMonitor product suite.

The tool, called NameHunter, enables financial firms to more thoroughly check new customers against watch lists issued by the Treasury Department's Office of Foreign Assets Control, says Peter Gadkowski, CEO of Factor3.

The solution accounts for misspellings and name derivations of any new account applicant, Gadkowski explains, as well as translates foreign characters into an English character set.

Gadkowski says that entering names manually, as well as the lack of familiarity with foreign spellings from global business, can lead to spelling errors. "This tool gives firms a higher assurance that they are more likely than not to catch inclusions on the OFAC lists," he adds.

NameHunter also determines the most-likely country of origin of each name, even if that name isn't on an OFAC list, Gadkowski says. "Financial institutions may have reasons, because of their own risk analysis, that they want to have a higher level of investigation for people whose names are from certain countries," he adds.

The module is currently available at no additional cost to current users of PACMonitor. New users can purchase the module as a package with the PACMonitor suite, or as a standalone feature. It is offered either on an application-service-provider basis or as an in-house installation, and is priced by number of transactions and watch lists that must be checked.

www.factor3.com
303.730.9176

More Commentary
A Wild Ride Comes to an End
Covering the financial services technology space for the past 15 years has been a thrilling ride with many ups as downs.
The End of an Era: Farewell to an Icon
After more than two decades of writing for Wall Street & Technology, I am leaving the media brand. It's time to reflect on our mutual history and the road ahead.
Beyond Bitcoin: Why Counterparty Has Won Support From Overstock's Chairman
The combined excitement over the currency and the Blockchain has kept the market capitalization above $4 billion for more than a year. This has attracted both imitators and innovators.
Asset Managers Set Sights on Defragmenting Back-Office Data
Defragmenting back-office data and technology will be a top focus for asset managers in 2015.
4 Mobile Security Predictions for 2015
As we look ahead, mobility is the perfect breeding ground for attacks in 2015.
Register for Wall Street & Technology Newsletters
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.