OFAC Compliance Becoming More of a Concern in Real Estate
CHARLOTTE, N.C. – February 9, 2012 – (RealEstateRama) — ATTUS Technologies, Inc., an affiliate company of Computer Services, Inc. (CSI) (OTCQX: CSVI) and a leading regulatory compliance solutions provider, now protects more than 3 billion square feet of U.S. soil with its anti-terrorism watch list monitoring solutions used by regulatory compliance officers in real estate.
An increasing number of real estate firms are using WatchDOG® Pro to fulfill business transactions within Office of Foreign Assets Control (OFAC) compliance requirements that are designed to stop money launderers, drug dealers or potential terrorists. Regulatory compliance officers in the real estate industry point to the 2009 forfeiture of the 650 Fifth Ave. skyscraper, resulting from serious OFAC violations, specifically, doing businesses with the Iranian Government, as the need to take a more proactive approach to compliance. The properties wound up under forfeiture as proceeds of money laundering offenses.
“We’re seeing a steady increase in the number of real estate companies turning to ATTUS for OFAC compliance, because of high-profile cases like 650 Fifth Ave., or where real estate management agencies suffered serious penalties for either ignoring or botching watch list screening efforts,” said Bradley Allen, ATTUS Technologies, Inc. vice president. “We’re proud to be helping companies like The Lightstone Group and Jones Lang LaSalle maintain their level of business excellence without having to worry about watch list compliance.”
ATTUS Technologies surpassed the 3 billion mark with real estate companies and property managers in large and small markets choosing the company’s watch list screening solutions in 2011. WatchDOG Pro provides companies with a Web-based software as a solution that features ATTUS Technologies’ exclusive advanced search algorithm that generates a less than 0.5 percent false positive rate and differentiates subtle name variations, such as abbreviations and initials.
Watch list compliance enforcement by the U.S. Treasury’s OFAC has been growing increasingly strict, and backed by heavy financial penalties, for companies found to have failed to screen the names of potential customers against applicable watch lists. The OFAC Specially Designated Nationals (SDN) List helps keep money out of the hands of terrorists, money launders, drug dealers and any other potential enemies of the United States.
ATTUS Technologies’ solutions automate the screening process, giving companies a more effective and accurate methodology for ensuring compliance with OFAC and other government watch lists.
About ATTUS Technologies, Inc.
ATTUS Technologies, Inc. is an industry leader in software and services for regulatory compliance, homeland security and fraud prevention. ATTUS serves more than 5,000 customers comprised of Financial Services, Insurance, Software, Healthcare, Pharmaceuticals, Energy & Utilities, Wholesale Goods, Travel & Leisure, Real Estate, Non-profit, Retail and more. ATTUS’ solutions provide compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the Bureau of Industry and Security (BIS), anti-money laundering regulations, the Bank Secrecy Act (BSA), Regulation CC and Regulation E. ATTUS, a wholly owned subsidiary of Computer Services, Inc., is based in Charlotte, N.C. For more information about ATTUS, visit www.attustech.com.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation. Technology planning, personal account management and world class customer service explain why CSI is known as one of the nation’s premier providers of technology solutions for the financial services industry. CSI’s stock is traded on the OTCQX under the symbol CSVI. CSI is based in Paducah, Ky. For more information about CSI, visit www.csiweb.com.