New Negative News Search Capability

NominoData™ and Integra Systems Queensborough™ Partner for Negative News Integrated Search Capability

The Negative News search engine provides compliance professionals a tool to access the latest and historical negative news for screening individuals and corporate accounts. The compliance solution significantly enhances the due diligence process by revealing risk relevant negative behavior.  Focused matching and an extensive data cache provide a more effective and efficient search solution compared to Google and other negative news search engines. The benefit is real-time risk information delivered at an aggressive price.

“We know the challenges resulting from heightened regulatory scrutiny and transparency demands placed on Financial Institutions to know their customers,” said Robert Goldfinger, President, NominoData. “I know how important it is to get relevant risk entity information pertaining to Negative News, Sanctions/Watch-lists and PEPs to the business units and people who need it. Our solution when combined with Integra’s technology platform brings a compelling value proposition to the market.”

What makes the partnership unique?

NominoData provides Integra Systems with industry leading negative news and enhances their technology platform and end user experience. Integra Systems provides decades of financial and regulatory experience with flexible and customizable compliance solutions. NominoData has successfully provided an efficient way for organizations to search Negative News.

The NominoData and Integra Systems blend has helped bring Negative News to the forefront of risk management.  NominoData has a unique Negative News search capability that provides companies with important risk related data pertaining to customers and other business contacts. It’s all about obtaining knowledge that results in reducing risk and meeting regulatory compliance mandates. Integra System’s platform, IQAutoscan™ ,  makes the Negative News search seamless for all involved. IQ AutoScan™ can easily be integrated into any existing system to take advantage of Negative News.

NominoData and Integra Systems are helping organizations save time, save money, and stay compliant.

“Our systems take a complex task and make performing a search simple. A typical Google search may have thousands or millions of hits and 99% of them are not relevant to the due diligence effort. We provide date and time-stamped auditing capabilities and reporting. You just type in the name and Nomino’s unique algorithm finds all risk relevant negative news on that individual, PEP or company within seconds. NominoData’s extensive Negative News cache is an industry leader. It’s truly a game-changer for the industry.” – Patrick Brown

Who is NominoData?

NominoData LLC (www.NominoData.com) is a technology company formed to help clients with worldwide identity, compliance and risk management issues associated with modern day commerce. Ranging from banks to multinational corporations, NominoData provides a combination of industry-leading technology online. Our founders harness their collective intelligence and leverage their expertise in Risk Management, Security, Search, Name /Entity recognition, data analysis and extraction into innovative and productivity-boosting products that revolutionize their field. NominoData also provides consulting services to help organizations stay compliant with executive level criminal investigation services and CAM’s.

Who is Integra Systems?

Integra Systems (www.IntegraSystems.net) was formed in 1994 by banking and IT professionals. The company has extensive experience in regulatory compliance, lending, operations, and financial reporting. Integra Systems helps industries with OFAC, BSA, Patriot Act, and Red Flag (ID verification) requirements. In addition, Integra Systems provides interfaces to third parties, which integrates our solution set within companies’ internal systems.

Solutions Contact

Robert Goldfinger, President

NominoData

rgoldfinger@nominodata.com

 

Patrick Brown, President/CEO, CAMS

Integra System Queensborough

SOC 2 Type 2 Audited Solutions

pbrown@integrasystems.net

Three Phases of Money Laundering

Now, if you’re like me… mention money laundering and everything seems to go fuzzy.  But for Integra Systems’ employees… let’s just say they sit forward in their chairs a little bit more.

There are three distinct phases of money laundering, according to the Advancing Financial Crime Professionals Worldwide.  Here they are, in perfect money laundering order:

Placement Phase:  This is the actual “physical” disposal of the cash or other assets derived from the criminal activity.   This in, in fact, the most critical and likely time when a criminal will be caught due to the fact that placing large amounts of cash into the system will raise suspicions of officials.  An example of this would be smuggling a briefcase full of money into another country.

Layering Phase:  Separating the illicit funds from the original criminal source through layers of financial transactions intending on concealing the original origin.  An example of layering could be the movement of funds electronically from country to country and then separating them into investments in overseas financial markets.  The money would be moved frequently to escape exposure and the launderers would use delays in court or police collaboration to their benefit.

Integration Phase:  Trying to make the funds appear to be legitimate through re-entering the wealth into the economy in what appears to be a normal business or personal transaction.  (This is when the original criminal has “his money” returned through what seems to be valid sources.)  The funds now appear to be “clean” for example:  purchasing assets, art, jewelry or expensive vehicles are ways the criminal can enjoy their funds without drawing notice.

And that—is the simplest way to explain the three phases of money laundering.

 

3 tips to remain BSA compliant

Remaining compliant can be as complicated as understanding the BCS Bowl system. To understand the bowl games, read ESPN. To understand how to stay BSA compliant, keep up with these three sources.

  1. Keep updated with Fincen’s constantly changing regulations by visiting: http://www.fincen.gov/statutes_regs/bsa/index.html or their FAQ’s at http://www.fincen.gov/statutes_regs/bsa/bsa_faqs.html
  2. Update yourself on the Bank Supervision Process by reading: http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/bsp-2.pdf
  3. Use a BSA compliance system that has extensive experience in regulatory compliance, lending, operations, and financial reporting to help manage your BSA and AML programs in order to prevent financial loss at your financial institution with ease.  Many of these systems will be able to identify high-risk applicants, prevent loss, reduce cost, eliminate paper-based forms, report for auditing and exception purposes while integrating into your own core banking system.  www.integrasystems.net

The Bank Secrecy Act can be complicated, but you still have to keep your BSA program compliant.

NominoData™ and Integra Systems Queensborough™ Partner for Negative News Integrated Search Capability

Negative News is valuable because organizations don’t have the manpower or resources to adequately research whom they conduct business with. A typical Google search is not going to provide the information or accuracy you need in the time you need it.

“We know the challenges resulting from heightened regulatory scrutiny and transparency demands placed on Financial Institutions to know their customers,” said Robert Goldfinger, President, NominoData. “I know how important it is to get relevant risk entity information pertaining to Negative News, Sanctions/Watch-lists and PEPS to the business units and people who need it. Our solution when combined with Integra’s technology platform brings a compelling value proposition to the market.”

What makes the partnership unique?

Robert Goldfinger and Patrick Brown bring a unique blend of law enforcement, banking, and compliance experience that is not matched by any other organization. NominoData has a rare Negative News search capability that provides companies a glimpse into the people they are working with. Integra Systems has a platform IQAutoscan™ that makes the Negative News search seamless for all involved. This product can easily be integrated into any system to make taking advantage of Negative News easy.

Nominodata and Integra Systems are helping organizations save time, save money, and to stay compliant.

“Our systems take a complex task and make performing a search simple. A typical Google search will have 100,000 hits and 99% of them have nothing to do with the research. We provide great time-stamped research to validate searches in case of an audit. You just type in the name and our unique algorithm finds all the negative news on that individual within a second. It’s truly a game-changer for the industry.” – Pat Brown 

Who is NominoData?

NominoData LLC NominoData LLC (www.NominoData.com), is a technology company formed to help clients with worldwide identity, compliance and risk management issues associated with modern day commerce. Ranging from banks to multinational corporations, NominoData provides a combination of industry-leading technology on-line. Our founders harness their collective intelligence and leverage their expertise in Risk Management, Security, Search, Name /Entity recognition, data analysis and extraction into innovative and productivity-boosting products that revolutionize their field. NominoData also provides consulting services to help organizations stay compliant with executive level criminal investigation services and CAM’s. 

Who is Integra Systems?

Integra Systems (www.integrasystems.net) was formed in 1994 by banking and IT professionals. The company has extensive experience in regulatory compliance, lending, operations, and financial reporting. 

Integra Systems can help all industries comply with the OFAC, BSA, Patriot Act, and Red Flag requirements. In addition, Integra Systems provides interfaces to third parties, which integrates our OFAC and Red Flag (CIP) functionality within most solutions.

 

Travel Agency’s Costly Mistake

“Uh-oh!” could be the only thing that passed through the senior management’s mind of the travel agency when they realized their mistake. Decolar.com Inc (a Delaware company based in Buenos Aires, Argentina) is officially from Ohio. They discovered that for the past 4 years they had been in violation of OFAC regulations.

They trusted a third-party assurance and did not report to OFAC. Decolar assisted 17,836 persons in flights and hotel stays in and out of Cuba. Talk about providing significant harm to the U.S. sanctions in regards to Cuba! Decolar also had no OFAC risk-based compliance program at the time of the violations.  Double “Oops.”

The fine was to be around $4.4 million, but luckily for Decolar, as soon as they learned of their incompliance, they immediately turned themselves in, adopted OFAC compliance policies and completely cooperated by providing the entirety of the information that regarded the apparent violations.

Make sure your not taking OFAC advice from someone who doesn’t keep up with the policies.  Check out www.integrasystems.net for more information or just give us a call if you want to make sure you’re compliant.

Identity Theft and Healthcare

A young man takes a new and better job in Indiana and moves his family from Florida up to live with him. They move into a beautiful rental home with the desire to purchase it when their landlords are ready to sell. Everything was lining up perfectly, except that soon after the move, someone in Florida stole their identities and racked up hundreds of thousands in medical debt. When the couple tries to open a loan, they discover what has happened down in Florida.

Hope to own their first home seems pointless when they realize the immensity of the road to rebuilding and proving their innocence in the matter.

Medical identity theft is a real and troubling matter. The healthcare industry is just one of the new industries having to be OFAC compliant. If you are a provider, you are required to protect your patients, clients and/or your organization from identity theft.

Steven Toporoff, an attorney with the FTCs Division & Identity Protection wrote this, “Federal Trade Commission (FTC) found that close to 5% of identity theft victims have experienced some form of medical identity theft. Victims may find their benefits exhausted or face potentially life-threatening consequences due to inaccuracies in their medical records. The cost to health care providers left with unpaid bills racked up by scam artists can be staggering, too.”

Integra has solutions for healthcare. Our product, Red Flag IQ™ is versatile enough to keep you compliant without complicating or interrupting your current workflow. Protect your patients. Protect their livelihoods. Protect yourself.

The “Watch List”

What is the watch list?

Watch List is our nation’s version of the “Naughty List” without Santa Claus.  If you are on the “Naughty List,” good luck trying to board a plane, enter the United States of America or receive a visa without a couple of crazy weeks or… months.

The government is up front about having the Watch List; they don’t try to make it secret… however, the names of people on that Watch List are “hush-hush” and only made available to businesses and organizations (like banks, airports, etc.)  This list is huge (over 755,000 names and pseudo-names) and was once multiple lists that were being shuffled around to all the federal agencies.

The FBI Terrorist Screening Center (TSC) brought all of them together to create one BIG MASTER LIST: “The Watch List.”  (This all came about when President Bush signed the Homeland Security Presidential Directive 6 in 2003.) 

To be on the list, the person would have to be suspected or have engaged in behavior of any sort relating to terrorism.  For example:  have a criminal record for terrorist-related activities or known terrorist associations/organizations OR be an active member in an extremist group.  If a name matches a name on this watch list, their life can change dramatically.

You may be:

Flagged for things regulated by the federal government:

  • Air travel (53,000 people were stopped and questioned from December 2003 to May 2007… but most were released for lack of evidence.  
  • Border crossings
  • Speeding ticket
  • Engage in other suspicious terrorist activity

Flagged from the public list when trying to:

  • Open a bank account
  • Do any sort of financial transfers
  • Buy a car
  • Rent a car, etc

So… let’s just say every financial move can become monitored. Watch list people are specifically not allowed to do ANY financial business within the U.S.

Are you OFAC compliant?

If your organization/business conducts business with someone on this list, your business might be added to the Watch List.  If you are unsure about the thoroughness of your ability to check the list, just give us a call. We help organizations search all the names thoroughly without negatively impacting your business.  www.integrasystems.net

What is OFAC?

What is this OFAC?

Repeat after me, Office of Foreign Assets Control (run by the US Dept. of Treasury). That’s a mouth full.

What does OFAC do?

OFAC manages and implements financial and trade authorizations (sanctions).  They closely monitor and in some cases, freeze assets (under the U.S. authority) of targeted foreign countries, regimes, terrorists, international narcotics traffickers, those involved in manufacturing and selling weapons of mass destruction, and other threats to the U.S. economy, national security or foreign policy.  These sanctions require collaboration with allied governments and are based upon the United Nations’ directives.  (Whew!)

So, there’s an OFAC list I’m supposed to do something with?

OFAC lists individuals and organizations that the government suspects of terrorism or having ties to terrorism. If they are on the list, their assets have or will soon be frozen! Funding organizations with terrorist ties (as listed by OFAC) is illegal. If OFAC finds that your organization is violating the lists, there are major fines involved.  (We are talking MAJOR fines… yikes!)

Understanding OFAC and how to become compliant can be a challenge.

If you have any questions, give us a call or send us a message.

BSA Compliance | Here are 2 quick ways to find out if you are BSA compliant.

The Bank Secrecy Act (aka. The Currency and Foreign Transactions Reporting Act of 1970) requires U.S. financial institutions (banks, etc.) to assist U.S. government agencies in detecting and preventing money laundering. This act is also referred to as AML.

Here is what it means for you:

  1. Keep records of cash purchases or unfixed catalysts, file reports of cash transactions more than $10,000 (daily collective amount)
  2. Report any suspicious activity that could to money laundering, tax evasion or any other criminal activities.

For more information about the Bank Secrecy Act click this link. http://www.fincen.gov/statutes_regs/bsa/