CSI Enhances WatchDOG® Watch List Screening Applications in Response to Unique Crimea Sanctions List
05 February 2015 - 1:18AM
Business Wire
In an effort to simplify compliance with an unprecedented
sanctions regime, Computer Services, Inc. (CSI) (OTCQX: CSVI), a
provider of end-to-end financial technology solutions, has enhanced
its WatchDOG® watch list screening applications to align
with recently released regulations from the Office of Foreign
Assets Control (OFAC) that target the Crimea region in Ukraine.
This action is unique in that, unlike traditional OFAC sanctions
that focus on specific individuals, businesses, or countries,
Executive Order 13685 prohibits conducting business with an entire
region.
“These sanctions are particularly concerning for our customers,
given that they target a region instead of a named country. In
other words, how do you properly screen against a broadly defined
area of land?” said Paul Koziarz, president and general manager of
CSI Regulatory Compliance. “That’s why we’re offering a watch list
highlighting specific cities and zip codes in Crimea that are
banned by the E.O., in combination with our automated watch list
screening software. This takes the burden of this unique compliance
situation off our customers, as it would otherwise be quite
difficult for them to manually pinpoint the prohibited cities.”
Officially announced in December 2014, E.O. 13685, entitled
“Blocking Property of Certain Persons and Prohibiting Certain
Transactions with Respect to the Crimea Region of Ukraine,” places
Crimea under a sanctions regime. The E.O. mandates that:
- Investment in the Crimea region of
Ukraine by a United States person is prohibited;
- The importation into the United States,
directly or indirectly, of any goods, services or technology from
the Crimea region of Ukraine is prohibited;
- The exportation, re-exportation, sale
or supply, directly or indirectly, from the United States, or by a
United States person, wherever located, of any goods, services or
technology to the Crimea region of Ukraine is prohibited; and
- Any approval, financing, facilitation
or guarantee by a United States person, wherever located, of a
transaction by a foreign person where the transaction by that
foreign person would be prohibited by this section if performed by
a United States person or within the United States is
prohibited.
Since 1998, CSI Regulatory Compliance has provided organizations
with software solutions and consulting services focused on OFAC
watch list screening, risk management and fraud prevention. As a
leader in the regulatory compliance space, CSI provides solutions
and services that ensure customer success by leveraging the latest
technology advancements to consistently deliver superior
results.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, payments processing,
electronic and print distribution, and regulatory compliance
solutions to financial institutions and corporate customers across
the nation. Exceptional service, dynamic solutions and superior
results are the foundation of CSI’s reputation and have resulted in
the company’s inclusion in such top industry-wide rankings as the
FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed
Service Providers List. CSI’s stock is traded on OTCQX under the
symbol CSVI. For more information about CSI, visit
www.csiweb.com.
For CSIBrandon Dyce, 615-545-1675orDavid Jones,
678-781-7238orStephen Sprayberry, 678-781-7207
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