Premium Products / Personal Service
Monitoring and Compliance
Our Cash Transaction Monitor system makes it easy for you to monitor your cash transactions and comply with the Bank Secrecy Act and Anti-Money Laundering regulations.
On a daily basis, you can quickly identify all aggregate cash transactions that require a CTR – including ATM transactions.
We automatically identify related accounts (for example: husband, wife and wife’s mother) for aggregating cash transactions.
On a monthly basis, you can quickly and efficiently monitor your customers activity for SAR reporting.
You can create CTRs, SARs, and DOEPs with fast, easy-to-understand forms for electronic batch filing.
All forms are kept in the database. This means no more keeping up with PDFs from FinCen.
Find out more about the Cash Transaction Monitor
The FBI estimated that in 2018, 31% of U.S. banks had significant losses from fraud. (We doubt it was any better in 2019, or will be in 2020.) Let our fraud detection capabilities help you stack the odds in your favor.
Our Suspicious Activity Monitor (SAM) system has behavior-modeling logic that alerts you when customers have unusual activity.
We constantly update our systems to search for the latest types of fraud. (Many of our customers will realize savings that exceeds the cost of our software in 2020, by using a new feature that alerts you to mobile deposit fraud.)
You can see when large debits appear to be paid against uncollected funds.
We alert you when a customer starts having significant transactions on an account that’s been mostly idle (for example, nothing but interest deposits in the last 90+ days).
Customers that consistently have kite-like transactions can be quickly identified and closely tracked.
We alert you to customers that have a high number of transactions, even though the total amount of the transactions is not suspicious. (The FBI calls this type of fraud “Death by a thousand cuts.”)
And SAM does a whole lot more! Please see the next section for more details on how we’ll safeguard your institution again suspicious ACH transactions.
Find out more about the fraud detection capabilities of our Suspicious Activity Monitor
Our Suspicious Activity Monitor (SAM) system detects suspicious domestic and international ACH transactions, by looking at the transactions your customers receive and who sent them.
First-time commercial debits (that is, a debit sent to a commercial customer by an originator that has never sent a debit to the customer before) are fraudulent 2.4% of the time.
Double-first timers (that is, first time to the customer and first time to the bank) are fraudulent almost 6% of the time.
Unauthorized commercial ACH transactions must be found and returned within two (2) business days of receipt. (Reg E & NACHA’s 60-day rules do not apply to commercial ACH transactions.)
If we help you stop one fraudulent commercial ACH transaction a year (and we probably will), the savings will likely pay for our software.
But SAM does a lot more than alert you to suspicious ACH transactions.
SAM alerts you to potential corporate account takeovers (CATOs). We have successfully stopped more than $4 million in CATOs.
The system alerts you when customers are dealing with Bitcoin and other digital currencies. This can be critically important for older folks.
SAM reports government benefit payments that may be posted illegally.
It keeps track of returned ACH transactions and gives special attention to unauthorized debits.
The system helps you determine your off-balance sheet ACH risk.
It monitors IATs for OFAC compliance.
And it does a whole lot more! This system will save you money!
Find out more about ACH monitoring using the Suspicious Activity Monitor
Wire Record Keeping
With our Wire Transaction Monitor product, we automate all of your wire record keeping, as required by the BSA travel rule.
Wire transactions are imported and maintained in the system database. We work great with Fed and 11 bankers banks/corporate credit unions.
WTM’s daily reports let you monitor all your wires and quickly review the details of any you view as unusual.
The system’s monthly reports let you easily identify customers that warrant closer scrutiny for suspicious activity.
Our search features let you focus on specific originators or beneficiaries (even when they have multiple accounts), specific banks and specific countries. This greatly reduces response time for subpoenas and regulatory requests.
WTM’s Risk rating and Enhanced Due Diligence function evaluates domestic and international wires separately. (We know this seems basic but most systems don’t.)
Audit downloads greatly simply the wire transfer portion of the OCC’s MLR report.