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TRANSUNION AND TFP ALIGN TO OFFER NEW PRODUCT FOR USA PATRIOT ACT COMPLIANCE
TransUnions 'OFAC Advisor includes TFP's OFAC Entity Screening application to help credit grantors meet new identity verification standards
Chicago/Skokie, IL, September 18, 2002 -- TransUnion, a leading global information solutions company, and TFP, a division of The Thomson Corporation (NYSE: TOC; TSX: TOC) jointly announced today the release of TransUnion OFAC Advisor, an identity verification tool for credit grantors.
TransUnion OFAC Advisor is a screening solution that provides credit grantors with a simple, automatic method for use in complying with new federal regulations as set forth in the USA PATRIOT Act.
Signed into law last year, the USA PATRIOT Act will hold credit grantors to new standards of identity verification to ensure credit and financial services are not extended to known terrorists, drug traffickers or money launderers. Credit grantors that fail to comply with the Office of Foreign Assets Control (OFAC) regulations can be liable for both criminal and civil penalties. These penalties can include criminal fines up to $10 million and civil fines up to $1 million per violation.
With TransUnion OFAC Advisor, our subscribers can now have prospect and customer information automatically checked against the OFAC list every time they pull a credit report or selected TransUnion products," said Michael OConnell, senior director at TransUnion. We are excited to be aligned with TFP, an industry leader in OFAC and high-risk entity screening products, to offer credit grantors nationwide this necessary product."
TransUnion has always been a leading provider of credit reporting information to help clients better manage their operational risks. The addition of TFPs enhanced OFAC Entity Screening Technology to this process will further improve their ability to help their clients to reduce those risks," added Shaun Hassett, manager -- strategic alliances for TFP.
TransUnion is the first consumer credit reporting company to offer a TFP OFAC solution online. TransUnion OFAC Advisor provides the most comprehensive international list of known terrorists and criminals using the OFAC list as well as expanded information from multiple sources. TransUnion OFAC Advisor is designed to minimize the number of 'false positives using unique matching logic. If a match occurs, users receive the entire match record, thus eliminating the need for additional research and saving time through fewer and easier manual reviews. TransUnion OFAC Advisor is one of several solutions TransUnion offers to assist customers in complying with the USA PATRIOT Act.
It is up to credit grantors to comply with the law and TransUnion OFAC Advisor makes their job easier. Now, TransUnion business customers can be sure they are checking the most recent list with the most up-to-date information," added Mr. OConnell.
FACFilter, TFPs OFAC Entity Screening application, provides users the ability to effectively screen client data in batch or real-time operational environments in a manner that maximizes their ability to accurately identify OFAC-related risks, while minimizing the number of false positives that might otherwise be experienced in this process.
TFP is pleased to be able to work with TransUnion to provide this valuable service to their customers," said Mr. Hassett. Through our relationship with TransUnion, we are also exploring additional ways that TFP and TransUnion can assist our mutual clients, including providing entity screening services for bulk screening of customer information files through TFPs FACScreen."
About TransUnion
TransUnion is a leading global information solutions company that customers trust as a business intelligence partner and commerce facilitator. TransUnion offers accurate and reliable financial data through a broad range of products and services that enable customers to manage risk and capitalize on market opportunities. The company uses leading-edge technology coupled with extensive analytical capabilities to prevent fraud and facilitate credit transactions between businesses and consumers across multiple industries and channels, including the Internet. Founded in 1968, Chicago-based TransUnion employs 3,600 associates that support clients in 24 countries. Visit us at www.transunion.com.
About TFP
TFP, a division of Thomson Media, is a leading provider of data and software solutions for financial and corporate institutions worldwide. Our goal is to improve the efficiency of our clients by providing customized data solutions covering multiple functional areas, including payments, compliance, vendor interfaces and marketing. TFPs product lines include Check Operations, Marketing Services, Payments STP, Reference Tools for Banking and Risk Reduction. TFPs solutions assist in accurately originating payments to realize higher STP rates; facilitating the repair of rejected transactions; ensuring compliance with regulatory agencies such as the U.S. Treasurys OFAC and FinCENs Currency and Wire Reporting; avoiding money laundering, fraud and other perilous business practices; and, facilitating the automated exchange of operational data between financial institutions. TFP maintains the most authoritative and comprehensive databases of financial institutions globally and has been the official routing number registrar for the American Bankers Association since 1911. For more information, visit TFP on the Internet at www.tfp.com or call (847) 676-9600.
Thomson Media, a division of The Thomson Corporation, is a leading provider of information, data and software tools for professionals in the financial services and related technologies markets. In addition to TFP, its primary products and businesses include: American Banker, Financial Planning, National Mortgage News, The Bond Buyer, Securities Industry News, The Global Banking Resource, Payments & Risk Solutions Products, Credit Card Management, National Regulatory Services and Sheshunoff Information Services. Thomson Medias publications, databases and work solutions are used by more than 750,000 clients worldwide.
The Thomson Corporation (www.thomson.com), with 2001 revenues of $7.2 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software applications and tools to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. The Corporations common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
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