Enterprise Management Software for Enhanced Due Diligence / OFAC / PEP

Enterprise Management Software for Enhanced Due Diligence / OFAC / PEP

Ocean Systems’ Enhanced Compliance Solution (ECS) is a comprehensive monitoring software system, designed to assist Financial Institutions with the compliance of the PATRIOT Act. By maintaining a knowledgebase of transaction activity, Know Your Customer (KYC), and Enhanced Due Diligence (EDD) information, ECS uses account profiling, and behavioral patterns to detect both money-laundering and fraudulent activity.

Monitoring is performed on transaction activity using both rules based and statistical based methods to detect abnormal behavior and trends in expected activity. Persons can be related to clients and non-clients allowing the system to analyze and track suspicious transactions among parties having entities in common.

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.

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. When alerts are generated, they are automatically sent to individuals for review as designated by BSA compliance procedures. A fully featured Case Management process allows for the grouping and filing of events to facilitate special investigations and filing of SARs.

Through the use of its PREVENT module, the risk of every account is systematically assessed both at the account and customer level, based on risk matrices conf configured in accordance to risk policies of the bank.

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