Enterprise Management Software for Enhanced Due Diligence / OFAC / PEP / Watch Lists

Built as an Automation Server, the OFAC Server is a multi-user, multi-process facility that can verify data from multiple sources and applications. It may be used as a simple user application or as an unattended server that services multiple processes across the institution’s network.
The search engine is a proprietary search algorithm that uses APACHE Lucene’s Fuzzy Logic to match against misspelled and partial names. It has been fine-tuned over the span of fifteen years to produce valid matches while reducing the number false positives.

Most any type of data can be processed in real time such as Letters of Credit, or transactions such as Fedwires, SWIFT, and ACH. CIF information is scanned daily, and ad-hoc searches may be done on demand during account registrations or as required.

Dual control may be implemented to review and resolve escalated alerts. Comments by first and second reviewers are logged and maintained for audit purposes and case management.

AML Solutions for FINCEN & BSA Compliance

When comprehensive monitoring matters ECS Enhanced Compliance Solution (ECS) is a comprehensive AML monitoring system designed to comply with the USA PATRIOT Act AML statutes and provides detection & documentation of fraudulent behavior. Our “hidden relationships” functionality in ECS, facilitates monitoring of behavioral patterns and transactional activity among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.

ECS' real time fraud monitoring module, RETINA, blocks fraudulent transactions while in process prior to release. Alerts can be easily managed through the use of concentric views of customers and their related parties and accounts, and drill-downs to access details on transactions such as Wires, SWIFT, and ACH.

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Watch List / OFAC / EDD Screening Software

When an in-depth scanning process makes the difference Our OFAC screening software delivers compliance-critical searches to reduce exposure while at the same time minimize false positives. Our OFAC / PEP Server, scans lists published by the USA Office of Assets Control (OFAC), the Bank of England (BOE), and other authoritative sources.

Designed to not only scan blocked entities, our OFAC Screening Software supports the banks’ Enhanced Due Diligence (EDD) process of their customers by searching lists of Politically Exposed Persons (PEP) and other designated entities. Our search history functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.

Ocean Systems’ customized implementation & configuration, can process unlimited types of data based on your bank’s preferred options using an imbedded workflow technology, ECS can be deployed either centrally in the BSA Department, or across the branch network, so that account and relationship managers may participate as users and contributors of information

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FRB Certified wire transfer product, FedLink.

Providing Automation and Compliance - Discover our premier FRB Certified wire transfer automation product suite. FedLink streamlines your wire transfer operation, while ensuring compliance with all related regulations and international payment guidelines. Rich in feature functionality, with hundreds of satisfied bank customers, FedLink has always met all regulatory requirements since its inception in 1995.

The Straight Through Processing (STP) functionality allows customers and correspondent banks to submit payments and obtain confirmations within reduced service windows via direct connection to the Federal Reserve, SWIFT, and FX processors.

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ISO 20022

As a Certified Vendor of the Federal Reserve Bank (FRB), Ocean Systems is committed to fully support FRB’s ISO20022 global payment strategy. The Federal Reserve Banks are adopting the ISO 20022 payment standard to align the Fedwire Funds Service with other global payment exchanges.

Adopting the ISO 20022 message standard will improve the interoperability with other payment systems, enable Fedwire participants to comply with evolving regulatory requirements, and provide an expanded format to allow new payment services.

Ocean Systems’ migration strategy consists of new releases of its transaction processing applications, FedLink, ECS, OFAC Server, and RETINA, to support ISO20022

ISO 20022