iCompliance – first complex anti-terrorism iPhone application
Are you a lawyer, private banker, real estate agent, compliance officer at a blue chip corporation, or practically anybody with relation to business? Did you know that you have to comply with anti-terrorism laws in order to avoid hefty fines? Do you want to fight terrorism? Do you have to screen your business partners? If yes, there is an excellent iPhone application for you in the AppStore – iCompliance.
Companies all over the world are required to follow a vast number of rules and provisions resulting from the UN sanctions, Common Foreign and Security Policy of the EU, and other national regulations – e.g. US Patriot Act. Generally, any transfer, help, support (not only financial support), intentional or not to persons or companies on the official sanctioned party lists is strictly forbidden.
Whether you reside in the USA, Europe, Australia, or other developed country you are not allowed to trade with persons who are so to speak “blacklisted” which means that governments put them on special black lists. Moreover, you are obliged to report each suspicious entity to the respective government office of your country. But how do you know that somebody is suspicious?
And that is where iCompliance app comes into play. As a result of all the arguments, the guys from the Slovak company – BusinessApps – decided to create an application for iPhone users which allows them to screen their business partners. This is the first mobile application of its kind and is aimed to help companies avoid fines, lawsuits, avoid helping terrorists or financing terrorist networks. As iCompliance is a mobile application, it is intended to be used while you are on the go. BusinessApps also offers compliance solutions for other mobile platforms, a web-based or ERP solution.
How does it work?
How does the app work? Pretty simply. After starting the app, you are prompted to type a name of your business partner. It may be your customer, your supplier, employee or even an applicant. Remember: Not only is it forbidden to sell or purchase from blacklisted persons, you are also restricted from employing them.
iCompliance then searches through regularly updated official databases and returns the result in no time to the display of your iPhone. You will see potential matches along with their ranking. The more akin the name of your business partner to a blacklisted entity, the higher his ranking and the higher the probability that it is a bad guy. What is more, the ranking varies in color depending on accuracy of the match – it goes from yellow to read with red denoting the most reliable matches.
Furthermore, you can click on the search results and see more information about the particular entity – e.g. whole name, country, address, function and where possible also a link to the respective anti-terrorism regulation in PDF.
Ok, but what if you want to review the results later because you do not have that much time right now? No problem, the guys from BusinessApps thought of this. You can send either all results or just the details of a particular entity via email.
Moreover, there is a Settings tab in the app where you can set the threshold for results. If you do not want to be bothered by results with ranks lower than 70% you just set the treshold to 70%. Consequently, you will see only matches with similarity to a terrorist name higher than 70%. Further, you can choose in which databases to search. Currently, two databases are supported – OFAC Specially Designated Nationals and EU Sanctioned Party List. Excellent about this app is that no updates are necessary when BusinessApps adds new terrorist lists. iCompliance is developed in such a way that it will show new databases as soon as BusinessApps makes them available in the search server (to which iCompliance connects when searching). Needless to say, the databases are kept up to date.
How much does it cost?
Well, you may now ask how much will this interesting app cost you? 50$? 30$? No, totally amiss. You can purchase iCompliance from the AppStore for the promo price of 3.99$ (or 2.99 EUR) – good till cancelled. For this price you will get the app and initial 100 checks. Once you use up all 100 checks, you can buy another from within the app. I am convinced that this is a very reasonable price given the costs of other compliance solutions . In my opinion, this is the first compliance, or anti-terrorism solution that is accessible to anybody.
Other reasons to check?
What other reasons are there to use this application? Well, most of the people would become extremely vigilant if personally Osama bin Laden would place an order with their company. But what would you do in case there is an order from Daniel Martin Schneider? Or Fritz Martin Gelowicz, both German citizens. If you do not have a screening software you would not take care of these two customers. What a bad idea?! Both guys are on the blacklist issued by the EU in connection with fight against Osama bin Laden and his organization – Al Qaeda. In other words, by accepting the order you would support Laden’s terrorist group, potentially endanger your fellow citizens, your country and last but not least your company could be fined or put on the black list.
Moreover, screening your business partners is one of the requirements to be granted the status of Authorized Economic Operator (AEO) in the EU. This status allows you to save costs and time during the customs procedures when trading internationally.
So all in all, what are the key features and benefits of iCompliance?
* screen your business partners
* application handles typos and phonetic similarity
* search more databases at once
* view a respective regulation online in PDF document
* send search results as well as entity details via email
* set a match threshold for found results
* black lists updated regularly
* Promo price – just 3.99 USD (2.99 EUR) – good till canceled
* buy additional credits from within the App
* No more fines: Reduce the risks of non-compliance, help destroy terrorist networks
* Save time with iCompliance: You can screen your existing, potential business partners or even employees against restricted party lists while on the go
* Ease of use: You can send emails with search results to any email-box for later review
* Do not waste time by typing already scanned entities, use the search history feature instead
* No updates are necessary if we add new databases; they will be made available to you automatically in your current App version
* Stay up to date, read our Compliance blog from within iCompliance; the blog contains terrorism related news, info on sanctions; new articles almost every day
* Share the App: if you like it, share it with your friends and colleagues
To conclude, I recommend this application to all of you who must abide by the anti-terrorist or anti-money laundering legislation and want to avoid fines or want to help fight against terrorism and prevent terrorist attacks. If you want to have a closer look at the app, try this YouTube video visit this website.
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