ACB Partners Inc., a subsidiary of America's Community Bankers, has endorsed Thomson Financial Publishing's line of compliance products.
Thomson's products check bank transactions for violations of the Treasury Department's Office of Foreign Asset Control regulations. Banks can either send transaction files to the company for processing, or buy the software to check accounts on their own.
Mike Potter, chief operating officer of ACB Partners, said the tools are important to help banks gauge their transfers and avoid costly government penalties.
"With criminal penalties and fines of up to $1 million, every banker needs to evaluate their exposures," Mr. Potter said. "Through this relationship, we can help members manage their risk."
Thomson Financial Publishing is a subsidiary of Thomson Financial Services, which also owns American Banker. Mr. Potter said the endorsement was based on the recommendations of ACB members who use compliance software.