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Firstlogic Unveils IQ Watch

Originally published November 3, 2005

Firstlogic, unveiled IQ Watch, a unique data quality based solution that gives businesses a pragmatic, technology-based approach to manage interdiction list compliance. Increased regulatory scrutiny has required more businesses to pursue reliable measures to compare internal databases and transactions against lists from U.S. federal agencies and global sources, as well as comply with the USA PATRIOT Act and the U.S. Bank Secrecy Act. IQ Watch incorporates Firstlogic's sophisticated data cleansing and data matching technologies to help provide a more accurate, automated solution for watch list compliance.

An Intelligent Data Quality Approach to Compliance Regulations Firstlogic's well-tuned data quality algorithms uniquely compare company data against interdiction lists, uncovering hidden relationships but helping ensure only solid suspected matches are presented.  IQ Watch reduces "false positives," which lessens the resource drain companies experience when researching suspected matches.  IQ Watch includes the extensive reporting and auditing capabilities needed to help prove due diligence.

The first release of IQ Watch supports 16 distinctive interdiction lists, including those from the U.S. Office of Foreign Asset Control (OFAC), U.S. FBI Most Wanted, U.S. Financial Crimes Enforcement Network (FinCEN), European Union Consolidated List, Interpol Most Wanted, U.S. Dept. of Commerce Bureau of Industry & Security Denied Persons, and Canadian Office of the Supervision of Financial Institutions (OSFI), among others. Verifying current business data against these lists helps ensure businesses are not unknowingly supporting identified criminal activity, such as money laundering or drug trafficking.

 "Homegrown processes and manual tracking aren't effective or efficient solutions for the stringent requirements and the critical role of interdiction lists in today's business world," said Chris Colbert, Firstlogic Market Development Director. "Increased fines, regulatory scrutiny, and the potential risk to organizational reputation require that reliable interdiction list checking be a part of daily business processes. IQ Watch helps deliver this assurance. Based on Firstlogic's solid reputation for managing, cleansing and finding proven relationships between disparate data sources, compliance officers, CIOs and company auditors can be positive that compliance processes are working in their organization."

This BeyeNETWORK news item contains information from a recent press release by the company mentioned.