Product List: Cash Transaction Monitor
Suspicious Activity Monitor - The Best product available for monitoring IATs!
Wire Transaction Monitor
- Automate your recordkeeping for wires and
improve your OFAC scanning!
OFAC IT! - A self-contained, low-cost, bank-wide OFAC solution
The Cash Transaction Monitor (CTM) is a system that helps banks comply with the bank Secrecy and U. S. PATRIOTS Act
The Bank Secrecy Act directs financial institutions to report single or cumulative cash transactions that total $5,000 or more, when any of the following conditions are met.
The institution knows, suspects, or has reason to suspect that the cash was
derived from illegal activities.
The cash is known or thought to be from legal activities, but, it appears
the transactions are structured to avoid reporting to the IRS.
The cash transactions appear to have no lawful purpose, or, are not what a particular customer would normally be expected to do.
The law does not stipulate the period for aggregating transactions. However, the Regulators we’ve spoken with recommend 30 days.
The penalties for BSA violations are severe: fines of up to $500,000 and incarceration for up to 20 years, for each occurrence. (18 U.S.C. section 1956)
In the past, small institutions were allowed to operate with manual BSA/AML systems. However, the introduction of low-cost systems has resulted in Regulators demanding that all institutions operate automated systems.
How the CTM can help your bank
1. The CTM automatically aggregates the cash transactions of your customers.
You
can quickly identify customer relationships that had cash transactions
totaling $5,000 or more in the past month—even when the transactions are
spread over several accounts with different SSNs.
You
can quickly review a customer’s cash transactions for the past month,
quarter, year (or longer) and determine if a SAR should be filed.
The query function is dynamic. For example, you can use the system to
identify customers that in the past quarter had cash transactions totaling
$50,000 or more, and, wires totaling $10,000 or more.
2. The system creates its own relating number, so that you can automatically relate and aggregate transactions for accounts with different SSNs.
When it comes
to BSA, we can do things your primary banking system can’t.
3.
The CTM helps you assign risk-ratings to customers, so you can give
extra attention to those that warrant it.
4.
You can build custom queries, where you search for suspicious
activity involving cash and wire transfers.
5. The system can be used to generate CTRs, SARs and CTR exemption forms.
It can be used to file CTRs electronically.
It automates the annual review for exempted accounts.
We let you use the system for 30 days, at no cost or obligation. You have nothing to lose, and much to gain!
2. Suspicious Activity Monitor
The Suspicious Activity Monitor (SAM) is a system that helps banks identify Kiters, embezzlers, identity theft, elder abuse, ACH fraud, IAT fraud, terrorist financing and distressed borrowers.
We talked with Bankers, Regulators, and Officials from Law Enforcement when we developed the Suspicious Activity Monitor. The knowledge we gained was enlightening.
Some of the biggest operating concerns for bankers are losses from debit
card fraud and fraudulent deposits. Most loss-prevention systems notify
bankers of possible debit card fraud 4-6 days after the transactions have
occurred. SAM notifies you after one day—for both unusual withdrawals and
deposits.
SAM won't eliminate your fraud losses, but, it will greatly decrease them.
Most of our customers tell us that SAM pays for itself every quarter. But
don't take our word for it—check our references!
Terrorist, criminals and money-launders are increasingly using ACH and debit
card transactions. SAM will help you detect such
transactions that are unusual and suspicious.
International ACH Transactions (IATs) require enhance monitoring procedures
and retention of all Travel Rule data. SAM does this for you automatically.
Banks are encouraged to actively search for financial
abuse of the elderly (and, in some states, legally required to do so). SAM
will help you do this.
Banks are
required by the FACT Act to search for identity theft. SAM will help you with this
as well.
Our current
economic issues have greatly increased the occurrence of kiting.
The person most likely to commit a kite is a distressed borrower. He uses
kites to hide his cash-flow problem.
The write-off amount for bad loans that have been kept alive with kites
usually exceeds 80%. Banks that focus on kite-detection have smaller losses
from bad loans.
The Suspicious Activity Monitor is a system that helps banks identify kiters, embezzlers, distressed borrowers, identity theft, elder abuse, terrorist financing, thieves and money launders.
How the Suspicious Activity Monitor can help your bank
1. SAM aggregates and analyzes your customers’ debit and credit transactions.
You can search daily for customers who have unusually high account activity,
be it debits or credits.
You can move more quickly to suspend accounts that have suspicious debit
card activity.
Losses from fraudulent deposits are now exceeding losses from debit card
fraud. We can help you with this.
You can more
easily identify accounts with recent address changes, and, multiple address
changes over the past few months (another sign of identity theft).
You can identify
accounts that have unusual ACH transactions. (Another indicator of identity theft and financial
abuse of the elderly.)
You can search
for borrowers who have limited or no DDA activity (indicates a possible
cash-flow problem, and, a loan that's quickly going south ).
You can search for potential kite activity by aggregating suspect
transactions over the past 4 -12 weeks (or longer).
You can identify
accounts that had large cash deposits, that hasn't had them before.
You can identify accounts that had large wire transfers, that hasn't had them before.
2.
SAM works with checks, deposits, ACH, ATM and debit card
transactions.
3.
SAM helps you assign risk-ratings to customers, so you can give
extra attention to those that warrant it.
4.
SAM ignores sweep-accounts, zero-balance accounts, payroll
accounts, and other special-purpose accounts.
We let you use the system for 30 days, at no cost or obligation.
You have nothing to lose, and much to gain!
The Wire Transaction Monitor (WTM) is a system that helps banks comply with the Bank Secrecy and U.S. Patriot Acts. It also does OFAC checking.
The Bank Secrecy Act requires financial institutions to maintain a log of wire transfers that are for $3,000 or more. (Note: there is pending legislation that will require financial institutions to maintain the log for all wires.) The wire log must include the following, for both the originator and the beneficiary.
i.
Name
ii.
Address
iii.
Date
iv.
Amount
v.
Method of identity (for non-customers),
vi.
Payment instructions
The BSA doesn’t require banks to keep this information in a spreadsheet. However, Regulatory Examination Procedures do.
Section 314(a) of the U.S. Patriot Act (USPA) requires banks to work with law enforcement, in its search for terrorists and money launderers. FinCEN releases a list of suspects twice a month. Banks must start their review of the list immediately upon receipt. The review must be completed and positive results reported to FinCEN, within 14 calendar days.
At this time, banks are only required to check the originator on outgoing wires, and the beneficiary on incoming. Banks are encouraged to check both parties on all wires, if they have the ability to do so.
The Office of Foreign Asset Control (OFAC), a department of the U.S. Treasury, prohibits banks and credit unions from doing any type of transaction with Specially Designated Nationals (SDNs). WTM will let you check the OFAC list against a single name (for example, an non-customer who is trying to cash a check at your bank), or, against your entire customer file.
The Wire Transaction Monitor is a system that helps banks comply with the Bank Secrecy and USA Patriot Acts.
How the WTM can help your bank
1.
The WTM automatically creates and maintains the Wire Transfer Log.
It does this by using transaction data downloaded from Fed Line Advantage.
You can quickly aggregate incoming and outgoing wires for a customer, for a
day, week, month, quarter—or longer.
You can quickly identify and review foreign wire transfers.
You can search for suspicious activity by building custom queries. For
example, you can aggregate all wires for the past month, and sort the data
based on total number of transactions or total dollar amount.
2. The WTM helps you assign risk-ratings to customers, so you can give extra attention to those that warrant it.
3. The WTM automates the 314(a) check of your wire transfer records.
4. The WTM produces wire origination forms. Once information is entered for a customer, it is retained and automatically copied to future forms.
5. The WTM generates confirmation notices for incoming wires (as required by UCC-4A and Regulation J).
6. The system keeps track of customers that have repetitive wire agreements, and which transactions they cover.
7. The WTM will let you check customers and non-customers for OFAC Compliance. It logs all checks, and, logs the loading of all OFAC files. And, we give you the ability to update the OFAC lists yourself.
We let you use the system for 30 days, at no cost or obligation. You have nothing to lose, and much to gain!
OFAC It! is a self-contained, low-cost single-name OFAC checker.
OFAC It! works totally within the bank; you do not need a high-speed Internet connection to use OFAC It!
You can download SDN updates directly from FinCEN or from our web site--your choice.
Installation on Teller workstations is limited to creating a shortcut to the .exe file. There are no control files required for installing OFAC It!
You must purchase WTM in order to use OFAC
It!
The price of the Cash Transaction
Monitor starts at $6,250 for smaller banks (with assets up to $60 million) and
$10,000 for larger ones.
The price of the
Suspicious Activity
Monitor starts at $6,250 for smaller banks and $9,000 for larger ones.
The price of the Wire Transaction
Monitor starts at $6,250 for smaller banks and $7,500 for larger ones.
The price of OFAC
It! is $1,500 per year.
There is a small annual fee for each system, after the first year.
We are the only BSA/AML software company that posts its prices on-line, so that you know you're getting a fair deal.
We are the only BSA/AML software company that lets you operate with Microsoft SQL-2005 Express (a free databse management system; using this system from Microsoft could save your institution several thousand dollars).
We're also the only company that lets you try its products for 30 days, at no cost or obligation.
97% of banks that try our products buy them. Please check our references!
Premium Quality, Personal Service
This page was last updated on 03/08/2010 08:26