Regulatory Compliance Services

CSI Regulatory Compliance Solutions

CSI has been a trusted advisor in the regtech industry since 1998. We provide bank regulatory compliance services and banking regulatory compliance software to more than 5,000 customers nationwide. Our solutions help businesses meet federal regulations, including OFAC regulations, USA PATRIOT Act compliance, FinCEN, Gramm-Leach-Bliley Act, the Bank Secrecy Act, Reg E violations, compliance with Regulation CC, the Red Flags Rule and many more.

We understand regulatory compliance, and CSI prides itself in sharing this knowledge with our customers through cost-effective, advanced financial compliance solutions that are tailored to meet the regulations in your industry.

Bank Regulatory Compliance Services

CSI offers a variety of compliance management products and services to satisfy the regulatory needs of your business, including:

Ready to learn more about how CSI can help your financial institution or other business meet federal and industry regulations? Complete our online contact form and a member of our team will reach out to you with more information.

Why Choose CSI Regulatory Compliance?

When you choose CSI as your compliance advisor, you get:

  • Industry-leading technology from experienced compliance professionals
  • The safest encryption methodology available on the market
  • Detailed reporting options to ensure thorough audit trails
  • Services to help your business meet OFAC and other regulatory requirements

Plus, our automated compliance solutions reduce the time and expense of managing compliance and minimize your risk of non-compliance penalties.

Insight You Can Use

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Don’t Overlook These 2 Challenges for a Successful Sanctions Screening Process

  • by Rosalie Griebel
  • Oct 26, 2017

In their efforts to remain compliant—and profitable—modern companies have adopted real-time sanctions screening as a battle-tested best practice.

However, regulatory bodies update their watch lists quite frequently. For instance, OFAC updated its SDN list 75 times in 2016. Each update adds or removes prohibited parties to the list—and additional risk for businesses that don’t update and rescreen their clients and vendors in a timely manner.

This increased risk necessitates retroactive screening, which allows organizations to screen continuously against newer versions of watch lists. Here are the two top challenges your company could face when attempting to keep sanctions screening processes updated and relevant—as well as ways you can rise to meet them:  

Challenge #1: Scaling Up

Scale is an important factor when considering your company’s risk. Every customer or vendor, in addition to each transaction of goods or services, exponentially increases the number of records that your business must maintain. Thousands of customers could generate millions upon millions of records—all of which are subject to an ever-changing set of regulatory expectations and watch lists.

To maintain compliance, your business must have an automated sanctions screening solution in place that can handle millions of queries per day, along with batch screens (the automated process whereby a large set of names is grouped together into a single file and screened in one process). This solution must have the capability to rescreen against all relevant sanctions lists as they are updated.

Challenge #2: Reducing False Positives

While the prior challenge primarily involves preventing interactions with prohibited individuals or organizations, false positives pose a different kind of risk.

False positives represent cases in which a legitimate customer or vendor is mistakenly flagged as a prohibited entity, temporarily blocking a transaction and requiring human intervention to rectify the issue. False positives mainly occur when the individual’s name is very similar to a name on a restricted party list.

For example, your customer John Smith’s online purchase might be flagged if your platform matches his name with a suspected money launderer also named John Smith. Your sanctions analysts must then review and disqualify that match, which causes delays in the customer experience.

While false positives may not carry the regulatory risks that screening failures do, they have the potential to disrupt operations and, even worse, negatively affect the overall customer experience.

The Solution: Automate Retroactive Screening Across All Lines of Businesses

When it comes to screening and rescreening against watch lists, automation across all lines of business and transaction types is ideal. Manual screening takes far too much time and poses an immense operational burden. The sheer scale of modern-day industries necessitates automation and batch screening to keep up, particularly as a business grows and expands its offerings.

For a deeper dive into the various challenges that sanctions screening presents, read CSI’s white paper, Sanctions Compliance: Automating Retroactive Screening.

Rosalie Griebel serves as director of product management for CSI Regulatory Compliance Group. In her role, Rosalie oversees the strategic development of CSI’s various regulatory compliance solutions.