PADUCAH, Ky., Feb. 4, 2015 – 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.