Compliance Solution

Integrated Compliance Solution for Financial Institutions

Our enhanced Integrated Electronic Compliance Solution is designed to empower the Banks’ Operation Departments with the ability to comply with the Patriot Act, AML and OFAC rules.  Compliance System Software is an Internet-based solution for banks and financial institutions to effectively monitor suspicious account activity by analyzing customer profiles and transactional history of accounts.  Additionally, the system enables financial organizations to effectively comply with all relevant federal regulations, including the Bankers’ Secrecy Act and the United States Patriot Act. The software further allows financial institutions to share suspicious account activity with other financial institutions and federal agencies.

The Office of Foreign Assets Control (OFAC)

The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.

OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.

State-of-the-art alert engine

  • Easily monitor daily transactions for violation of OFAC & FINCEN List..
  • Use multiple techniques-such as profiling and predictive modeling-to minimize false-positive alerts while decreasing the risk of true criminal activity going undetected.

Powerful discovery capabilities

  • Design, evaluate and fine-tune new or existing scenarios based on historical performance.
  • Easily mine large quantities of data using sophisticated analysis tools.

Advanced administration tools

  • Maintain ultimate control over scenarios, data elements and data security.
  • Ensure the accuracy, effectiveness and efficiency of the system via open access to the system parameters

Compliance System Software gives you the following abilities:

  1. Automatically create customer profiles.
  2. Seamlessly flag activities inconsistent with customer profiles.
  3. Maintain historical information on all suspicious transactions.
  4. Monitor the suspicious activity of insiders (employees).
  5. Provide daily, weekly, and monthly reports on suspicious activities.
  6. Easily integrate with mainframes, Unix systems, or PC-based systems.
  7. Provide an interface to facilitate data exchange between financial organizations and the regulatory agencies to comply with the provisions set in the USA Patriot Act, 2001.

Compliance System software utilizes the power of Seagate’s Crystal Report software to generate a variety of reports for the management of the financial institution, as well as for regulatory compliance. Given below is the list of some of the reports that have been repackaged with the Compliance System Software engine. However, additional reports can easily be generated using Crystal Reports software, and are available on request.

Customer Profile Report:
Customer account activity is reflected on the basis of a set of preset business rules and shows any deviation from defined parameters.

SAR Report:
Generates an sar form for subsequent electronic distribution.

Operator Input Report:
This report lists comments entered by the operators on all suspicious transactions.