The Wire Transaction Monitor (WTM) automates all of your record keeping, as required by the BSA travel rule. It also does OFAC scrubs.
- Performs behavior modeling and alerts you when customers have unusual wire activity.
- Simplifies the search for specific wire transaction-details.
- Performs OFAC checks on originator and beneficiary names, for both incoming and outgoing wires.
- Performs 314(a) checks and keeps the results for the mandatory five years.
- Reduces the time for OFAC scrubs by 90%.
- Automates the Enhanced Due Diligence function and simplifies the monitoring of high-risk accounts.
- Greatly reduces response time for subpoenas and regulatory requests.
- Produces great statistics for the MLR report.
- Our OFAC checker operates in-house; a slow Internet connection will not impact the system.