Meet Compliance Requirements in an Efficient Manner.
Compliance Programs and Intra-national Regulatory Requirements such as The Proceeds of Crime Act (POCA), The Bank Secrecy Act (BSA), Basel II, Sarbanes Oxley (SOX), Foreign Account Tax Compliance (FATCA) and the USA Patriot Act dictate that financial institutions and their subsidiaries are required by law to integrate anti-money laundering measures into their operations.
CaseWare™ Analytics AML Compliance
Designed to assist institutions in meeting compliance requirements in an efficient manner, the CaseWare AML Compliance solution actively monitors 100% of financial transactions and customer information, and sends alerts of any non-compliant activities detected. The solution is able to assign responsibility for anomalies detected and maintain accurate records of all actions taken. This empowers institutions to take and evidence all the reasonable steps necessary, to exercise due diligence, to avoid committing an offence.
Reduce Compliance Costs
- On-going monitoring of all transactions as they are performed allows you to initiate the audit process early and to validate the efficiency of your controls to external regulators and auditors.
Identify and Resolve Data Quality Issues
- Proactively discover data integrity issues before a compliance failure occurs and take the necessary steps to resolve issues across all entities
- Customer exceeding a defined number of withdrawals or deposits over a specified period or across locations
- Identify all accounts closed with balances and any subsequent activity on those accounts
- Identify all cash withdrawals or deposits made at the ATM exceeding a defined tolerance
Know Your Customer Requirements
- Identify all customers without address data or with P.O. Box addresses only
- Identify potentially duplicated customers or customers with multiple or invalid identification records
- Identify active accounts with expired identifications
- Identify all customers with change of name and/or address
- Identify all accounts for which signing instructions have been amended
- Identify customers on Office of Foreign Assets Control (OFAC), Politically Exposed Persons (PEP) or Internal/Custom Lists
- Identify remittances to and from blacklisted countries
- Identify instances of remittances to/from multiple recipients and/or senders exceeding a defined threshold
- Identify recipients consistently receiving money just below the threshold
- Daily report on all outgoing wire transfers and the destination
- Daily report on all incoming wires and the sources
- Transfers from specific sources (reference established lists)
- Provide details of the source of funds information provided by customers
- Report all staff accumulated deposits or withdrawals exceeding a predefined threshold within a period
- Identify deposits to a staff account exceeding a tolerance
- Identify transfer of funds from one staff account to another
- Identify all staff deposits, withdrawals, encashment of checks or fund transfers just within a predefined threshold
About Pierre Consulting
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