Discovery Holdings Chooses FinScan Licensed Solution for Compliance Screening

LONDON, April 22 /PRNewswire/ -- FinScan, a leading international provider of sanctions, PEP and heightened risk screening solutions for the financial services industry, today announced an agreement with Discovery Holdings Limited, a premier health and life insurance provider, for the use of its FinScan Licensed screening solution. Discovery will use FinScan to screen new and existing customers against Sanctions and PEP data sources.

Headquartered in Sandton, South Africa, and serving South Africa, the UK and USA, Discovery's health insurance, life insurance and wellness services are integrated with its science-based wellness programme, Vitality. This integration has enabled Discovery to offer an array of unique and market-leading products and benefits.

"As a highly consumer-oriented company focused on careful risk management, we were looking for a compliance solution that would be essentially transparent to our clients and cost-effective to both implement and run. And of course, it also had to have the accuracy to protect us against non-compliance," said Surina Meintjes, MLRO for Discovery. "We found that the FinScan Licensed solution delivers the precise screening, seamless performance and economic operation we sought."

In addition to its Licensed solution, FinScan also offers its powerful screening capabilities as a Hosted or Internet-based ad hoc solution, providing robust, cost-effective screening to organisations of virtually any size – from those performing only individual look-ups to those screening millions of records at a time.

Recognising that many financial services organisations do not have the internal expertise or IT resources to efficiently comply with the full anti-money laundering and anti-terrorism mandates of the 3rd EU Directive and other UK and international regulations, all FinScan solutions offer a complete compliance package that includes sanctions list management and updating services, as well as automatic production of the audit and due diligence reports that the mandates require.

"Discovery is a dynamic and forward-looking company committed to delivering innovative, cost-effective products that foster health, wellness and security," said John Haley, Senior Vice President, FinScan EMEA. "We're pleased that FinScan can help them meet the demands of their compliance obligations while keeping their attention and financial resources focused on their primary business objectives."

Used in thousands of projects worldwide, FinScan's powerful matching engine facilitates the efficient and accurate screening of large volumes of records with very precise, user-configurable rules for flagging suspicious records. This process greatly reduces the risk associated with missing real matches (false negatives), and minimises the time and cost associated with researching false matches (false positives).

About Discovery Holdings Limited

Founded in 1992, Discovery Holdings Limited is an authorised financial services provider operating in healthcare cover and life insurance markets in South Africa and the UK. It launched Discovery Invest, its investment business, in 2007. Recently, Discovery entered into an agreement to purchase up to 25% of Ping An Health of China. Vitality, Discovery's wellness programme, is the largest provider of individual and corporate wellness initiatives in South Africa, and also operates in the UK and US. The company's core purpose is to make people healthier, and to enhance and protect their lives through financial products that clients need and want.

About FinScan

As the compliance business division of Innovative Systems, Inc. (ISI), FinScan protects organisations against non-compliance with the world-class data quality and data matching capabilities that are the cornerstone of all ISI products and services.

FinScan helps financial services organisations worldwide meet the requirements of international government regulatory agencies by providing the most advanced sanctions list and PEP compliance solutions available. FinScan offers 24/7/365 list management; licensed, hosted, or transactional screening options; and automated due diligence reports to help ensure the most effective and accurate compliance for our clients. The FinScan Web site is located at www.finscan.com.

Trademark Notice

FinScan is a trademark of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners.

SOURCE FinScan