AML / BSA Monitoring Ocean Systems offers The Enhanced Compliance Solution (ECS) as a comprehensive and detailed AML monitoring software system designed for the specific use of anti-money laundering and guiding financial institutions in complying with PATRIOT Act regulations. In fact, the ECS system analyzes transaction activity throughout all modules by utilizing statistical methods in order to identify and prevent fraudulent behavior. The following modules are utilized collectively within the ECS to secure and protect account information and activity:
● Customers / Relationship / Account ● Cash Activity / Transactions ● Alerts / Reports / FinCEN ● Wire Analysis / Case Management ● KYC / EDD Information Customers / Relationship / Account – ECS uses the customer information from the core banking system to monitor the relationship between customers and accounts. Related parties assigned to an account such as signers, beneficiaries, trustees and others are also secured in ECS for monitoring and evaluation. All associated accounts are brought in from bank’s core processing system. This information includes account name, type, status, officer, account risk and much more. Cash Activity / Transactions – The ECS Cash Activity module captures and analyzes all cash activities individually to monitor the regulatory amount of cash deposited and withdrawn. This includes mixed deposits. All transactions imported from the bank’s core processing system are
brought into ECS while secondary processes maintain additional transaction details for Wires, SWIFT, Itemized Checks and Cash Activity. Alerts / Reports / FinCEN – The ECS AML software allows for alerts to be automated directly to either a specific user or group to protect the account from fraudulent behavior by utilizing statistical analyses configured through the BSA Compliance Group. Reports are generated to retrieve and monitor activity information. Results may be stored in various formats. In addition, specific parameters may be used for pre-defined queries. Lastly, FinCEN 314A is a bi-weekly search embedded within ECS functionality. All matches which are not in accordance to customer information and activity are displayed. Wire Analysis / Case Management – Wire activity is obtained from the wire transfer system Wire Activity Analyzer inspects detailed account information from wires received from beneficiaries, originators, countries and correspondent banks. Configuration for wire analysis allows for wire activity to be disclosed under selected criteria. Case Management is integrated within ECS by grouping events, notes and user reviews to accommodate the filing of any case under review. These groups include Watch Lists, Special Investigations, Subpoenas, and SARS. KYC / EDD Information – The ECS supports Know You Customer (KYC) and Enhanced Due Diligence (EDD) information. This information is used for thorough monitoring and analysis to ensure authentication and anti-money laundering. Through account profiling in accordance to KYC and EDD information, fraudulent behavior is immediately detected. Bio: Since 1991, Ocean Systems has been proven leaders in software compliance solutions by providing specialized, comprehensive and advanced software compliance platforms to prevent fraudulent behavior. Ocean Systems advances their goal in connecting experience, creativity and technology to provide secured banking and financial solutions in compliance with corresponding sections of the US PATRIOT Act. Visit us online today to learn more. Summary: The AML / BSA Monitoring system ECS or Enhanced Compliance Solution is briefly outlined by correlated modules which work together to monitor and secure account safety by monitoring wire activity in compliance with the US PATRIOT Act. Keywords: AML software, wire transfer system, compliance monitoring, OFAC compliance, AML monitoring software, anti-money laundering, federal reserve wire transfer, anti-money laundering software, OFAC screening