Ocean Systems, Inc.
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Our ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.
PREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts.
Our Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts.
ONDECK complements and streamlines your onboarding process by capturing critical information required by BSA Compliance for the proper Due Diligence and Risk Assessment of new customers. ONDECK uses a workflow methodology to guide you through the qualification process, interfacing with your core banking system to eliminate duplication of input.
CERTIFY simplifies your Enhanced Due Diligence and High Risk reviews by providing a comprehensive view of all required information including transaction activity, Expected Activity Profiles, and KYC information on all related parties, including originators and beneficiaries. An unlimited number of customizable forms may be used to update customer information and record review notes.
Ocean Systems’ premier wire transfer product, FedLink, comprises modules that fully automate the wire transfer operation. The FedLink core module receives and repairs wire transfers from the Federal Reserve and automatically posts entries to client accounts, providing full disclosure on customer statements.
FedLink Anywhere eliminates the time consuming job of manually preparing customer wire requests. Its Web-based design allows bank customers and branch personnel to securely prepare and authorize wire transfer requests from anywhere in the world. The FedLink Anywhere module provides a Web-based front end for remote branches and bank customers.
For banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.
FedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.
The SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.
FedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.
Our OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.
Ocean Systems Enhanced Compliance Solution (ECS) is a monitoring software system, designed to assist Financial Institutions with the compliance of the PATRIOT Act. ECS combines its Know Your Customer and Enhanced Due Diligence functionality with its robust monitoring of accounts to detect and document fraudulent and abnormal behavior.
ECS monitors transactions using both rules based and statistical based methods to detect abnormal trends and behavioral patterns. Simplicity of use is one of the key factors in the system’s design. Alerts can be easily managed, prioritized, and documented. A fully featured Case Management process allows for the grouping and filing of events on specific customers to facilitate special investigations and filing of SARs.
ECS monitors activity on the entire relationship between persons and accounts having entities in common and groups of clients. Persons can be related to clients and non-clients allowing the system to analyze and track suspicious transactions amongst persons that are not related to the same client
ECS is highly configurable and can be customized to fit the requirements of your BSA Policy. Alerts are generated when exceptions are detected and sent to individuals designated by your compliance procedures to handle the alert.
Prior to installation, expert banking consultants will carry out a pre-installation assessment of your data and will manage the implementation of the project.You may also elect to have our experienced professionals perform an assessment of your financial institution’s compliance program or assist you with an on-going review and fine-tuning of your monitoring parameters and risk assignment of accounts.
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