Penley introduces OFAC Watch for Financial Institutions to Comply with OFAC regulations

DULUTH, GA February 21, 2004--Penley, Inc., the nation's leader in account integrity, today announced that it will unbundle Fast Watch, the leading USA Patriot Act Section 326, 314(a) and OFAC solution, and sell its OFAC compliance tool as a standalone solution called OFAC Watch. OFAC Watch can be purchased separately and operate independently or in conjunction with the other components of the Fast Watch solution.

Administered and enforced by the Office of Foreign Assets Control ("OFAC"), the OFAC list contains the names of all countries, entities and individuals with US interests that are not allowed to conduct business within the United States. Financial Institutions are required to screen all customers against the OFAC list and notify the Office of Foreign Assets Control if any customers reside on this list.

Penley’s OFAC Watch enables financial institutions to comply with the OFAC regulations in a comprehensive, efficient and economical manner. The solution cross references the customer database of financial institutions against the OFAC list and other government watch lists. Using advanced search, matching and scoring methodology that utilize uniques algorithms to reduce false positives, the web-based solution provides an instant “pass” or “fail” response. OFAC Watch then offers options to resolve any "hits", “override” false positives and document what transpired into the OFAC Watch record for future analysis. When an institution determines there is suspicious activity involving an OFAC list “hit”, OFAC Watch integrates with the SAR form to enable the organization to report quickly.

“Our customers have requested features within our OFAC Watch solution that have made the tool unique in the market as well as comprehensive and cost-effective. OFAC Watch saves time for our customers because it can check a batch of 100,000 records every 3 seconds or an individual basis. The Automated Attendant feature, exclusively provided by Penley, performs nightly screens against any updates to the government lists and sends notification to our customers when a "hit" occurs. In addition, our customers have the option to choose what lists are checked. Beyond the OFAC list, OFAC Watch can screen additional government watch lists and other customer specific lists,” stated Tina Dawson, Penley's Director of Product Solutions. “Penley is committed to providing the most technologically advanced and flexible OFAC tool in the market.”

“We are focused on providing technology that helps financial institutions protect their customers, reputation and bottom-line from financial terrorism and money laundering. By offering OFAC Watch as an individual product, our customers can deploy the nation’s leading OFAC solution with deep functionality that will meet their needs today as well as in the future as their business grows and regulations change,” Bruce Lowthers, Penley CEO.

Company Information
About Penley, Inc.
Penley Inc., the nation’s leader in account integrity, offers easy-to-use technology solutions that provide financial institutions with comprehensive information that protects against fraud, offers business intelligence and increases operational efficiency. With more than 800 institutions implementing the solution, Penley’s Fast Watch™ leads the market in providing complete USA Patriot Act Section 326, 314(a) and OFAC compliance as well as an extensive identity fraud prevention program. The company's advanced technology platform ensures the delivery of superior services as well as best-of-breed automation, security, and technology. For more information or to take a “test drive”, visit www.penleyinc.com.




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