Pittsburgh, PA, November 25, 2024 – Innovative Systems, Inc., a leading provider of enterprise data, compliance, and integration solutions, has finalized an agreement with data-as-a-service (DaaS) provider NominoData to deliver flexible, cost-effective data feeds on a variety of topics related to FinCrime risk, including politically exposed persons (PEPs), export controls, most-wanted, human trafficking, Russian and crypto risk, negative news, and other key data into Innovative Systems’ FinScan® anti-money laundering (AML) compliance solution. This partnership equips organizations with the tools to uncover government and political risks within their customer bases while maintaining compliance with global regulations.
FinScan is data-agnostic, allowing customers to choose the data provider that best meets their needs. NominoData stands out for its ability to build custom datasets tailored to the unique jurisdictional requirements of its clients. Organizations can choose only the data that is relevant to their operations, avoiding unnecessary information that could otherwise create false positives in compliance screening. By combining this data flexibility with FinScan’s automated delivery and advanced matching technology, the partnership offers a scalable solution that minimizes risk while maximizing operational efficiency.
“NominoData has always prioritized empowering organizations with the precise data they need to perform their daily compliance tasks without being bogged down by irrelevant information,” said Al Macdonald, CEO of NominoData. “Our partnership with FinScan reflects our shared commitment to providing cost-effective, customizable, and user-friendly solutions. Together, we’re making compliance more manageable and effective for organizations across industries and jurisdictions.”
FinScan and NominoData bring organizations the most advanced matching technology and a comprehensive database comprised of over 1.2 million PEPs and 7.9 million RCAs, which are cross-referenced against watch lists, sanctions, and adverse media. Their extensive offering includes insights into export control, USA PEPs, and PEP/REP relationships, as well as critical risk factors such as human trafficking, forced labor, high-risk countries, and corrupt officials. Additionally, the database covers categories like IRS Charity Lists, state-owned entities, and emerging threats such as crypto risk (bad wallets, exchanges, and tokens). With coverage extending to negative news, leak data, and Russian risks, FinScan and NominoData help ensure organizations stay ahead in identifying and managing compliance and regulatory risks.
“By implementing a comprehensive, risk-based AML compliance program, organizations can significantly mitigate exposure to corruption and money laundering risks from politically exposed individuals and their associates,” said Steve Maul, Chief Revenue Officer of Innovative Systems, Inc. “Together with NominoData, FinScan continues to provide a modernized AML approach that leverages precise, global data and advanced matching technology to safeguard businesses and enhance compliance.”
Having worked in the AML industry since 1997, Al Macdonald founded NominoData in 2005 to bring almost 20 years of expertise and service with its data touching over 13,000 banks worldwide through reseller partnerships. Eighty percent of its revenue stems from these collaborations, underscoring its reputation as a reliable and adaptable partner. Organizations leveraging FinScan now have access to this extensive pedigree combined with the flexibility and affordability of NominoData’s custom aggregation capabilities.
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