Premium Products / Personal Service
Monitoring and Compliance
Our Cash Transaction Monitor (CTM) system makes it easy for you to monitor cash transactions and comply with the Bank Secrecy Act and Anti-Money Laundering regulations.
On a daily basis, you can quickly identify and aggregate related-party cash transactions and determine if CTRs are required.
Note: core banking systems typically can’t aggregate related-party transactions. The #1 cause of MRA orders (Matters Requiring Attention) is missed CTRs.
If a CTR is required, we make it easy to generate and file the form, via FinCEN’s batch CTR filing system.
We also simplify the creation and filing of SARs and DOEPs.
Note: all forms are kept in the CTM system database, so you’ll no longer have to keep up with FinCEN’s .pdf files.
And, we have the best customer risk rating procedure that you’ll ever use.
On a monthly basis, we quickly calculate risk ratings for your customers, based on the degree to which actual transactions exceed expected transactions.
Note: this system feature enables you to more easily give special attention to customers whose activity is different from your expectations.
Our “New Accounts” questionnaire is the best and easiest to use in the industry.
Our systems have been reviewed by the regulators and auditors 100s of times, and they are consistently deemed excellent for community banks and credit unions.
Find out more about the Cash Transaction Monitor
The FBI estimates that in any given year, 30% of U.S. banks with assets below $500 million will have fraud losses of more than $30,000. Our Suspicious Activity Monitor (SAM) system helps your bank stack the odds in your favor, and will save you money!
SAM 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.
Half (or more) of our customers will realize savings that exceeds the cost of our software. Your bank’s saving from mobile deposit fraud alone will likely exceed the cost of our total product suite.
Most banks no longer are concerned about kites. But in 2021, our software found and prevented $7.6 million in probable kite loses.
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.