OFAC Screening Software
•
2 likes•669 views
https://www.oceansys.com/products.aspx?showprd=OFAC-EDD%20SERVER | OFAC Screening Software offers banks a way to remain compliant and to identify parties that are participating in suspicious activity. OFAC Screening Software can monitor each and every transaction to ensure that a bank is doing everything in its power to identify these blocked persons or entities.
Report
Share
Report
Share
Download to read offline
Recommended
Watch List OFAC PEP
https://www.oceansys.com/ofac_solution.aspx | ¨Monitoring the OPEC Watch list for individuals identified as PEP can help international banks to ensure that they are always following the letter of the law. OPEC Screening Software can make this entire process much easier.
Assessing AML Geographic Risk: a Methodology (November 2020)
This document outlines a methodology for assessing geographic money laundering risk. It discusses categorizing customer risk elements, including geographic risks. It then covers why geographic risk assessment is important, as well as overviewing common country money laundering risk factors across four categories: AML/CFT regulatory framework, financial transparency and regulations, bribery and corruption levels, and involvement in sanctioned activities. The document provides details on building a country risk methodology, including using public indices for rankings and risk factors. It emphasizes documenting the methodology, educating staff, and regularly updating the underlying country risk data.
Reduce your aml compliance workload
AML compliance is a tough job and requires constant attention in order to meet changing requirements and fraud scenarios. Read about one way to reduce your AML compliance workload.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Understanding Money Laundering and Fraud Risks of Wire Transfers
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/fraud-risks-wire-transfers/
Wire transfers have long been the tool of choice for money launderers and fraudsters. To mitigate these risks to the financial institutions they serve, AML compliance and fraud professionals must understand how wire transfers work, both in the U.S. and globally, as well as be able to recognize the red flags in wire transfer transactions that may indicate money laundering or fraud is taking place through a customer’s account.
In this presentation, Laurie Kelly, CAMS shares her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $130 billion U.S. financial institution that processed 12,000 to 15,000 wire transfers per day. Attendees will learn about the mechanics of wire transfers, both in the U.S. and globally, and how wire transfers differ from other types of money movement methods. She will then discuss the FinCEN “Travel Rule”, as well as sanctions screening best practices for wire transfers. Finally, Laurie will explore the money laundering and fraud risks and red flags associated with wire transfers and ways to mitigate them.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Understanding Its Suspicious Activity Reporting (SAR) Requirement
What is Suspicious Activity Report (SAR)?
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
Distinction between CTR and SAR
CTR is required whenever the transaction or series of transactions exceeds the minimum threshold requirement in a 24 hour period.
SAR is required to be filed when there are elements of uselessness, suspicion or indicators of potential illegal activity. Minimum threshold requirement is not applicable to SAR situation.
How to Identify Suspicious Activity?
Banks can use a number of methods to track and identify unusual activity – this may include:
Employee identification
Law enforcement enquiries and requests
Transaction and surveillance monitoring system output
Any combination of the above
When is SAR Filling Required?
A SAR filing is required for any potential crimes:
involving insider abuse regardless of the dollar amount;
where there is an identifiable suspect and the transaction involves $5,000 or more; and
where there is no identifiable suspect and the transaction involves $25,000 or more
When to File SARs:
A SAR should be filed no later than 30 calendar days from the date of the initial detection of facts that may constitute a basis for filing a SAR.
In cases where no suspect can be identified, the time period for filing a SAR is extended to 60 days.
SAR Narratives
SAR Narratives Should:
Be concise and clear
Be chronological and complete
Provide a detailed description of the known or suspected criminal violation or suspicious activity
Identify the essential elements of the information
Outline of Effective SAR Narrative:
Introduction
Body
Conclusion
Want to learn more about anti-money laundering process, BSA requirements and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
How to Write an Effective SAR Narratives
Best Practices for Writing Effective SAR.
Managing an Effective AML Compliance Program
Are You Doing Your BSA/AML Risk Assessment Properly?
How to Report under AML/BSA?
BSA/AML Compliance Checklist
How to Create Effective AML/BSA Compliance Program?
How to Develop Risk Models for AML Monitoring Program?
Elements of Customer Risk - Products & Services, Activity Patterns and Behaviors
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-products-services-activity-patterns-behaviors/
In this presentation we explore how a customer's anticipated transaction activity, products and services can impact their risk score. We delve into various patterns of higher risk and red flag customer transactions and behaviors, and how these and other factors impact an evolving risk score over the life of the customer relationship.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Trade-Based Money Laundering: What Compliance Professionals Need to Know
WATCH WEBINAR - https://www.caseware.com/alessa/webinars/trade-based-money-laundering/
Hundreds of billions of dollars are laundered every year through trade-based money laundering (TBML). Its sophisticated techniques allow criminals to use legitimate trade to disguise the source of illegal proceeds and transfer value across borders without the use of traditional money movement methods.
Laurie Kelly, CAMS shares her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $145 billion U.S. financial institution that provided extensive trade finance services for global exports of U.S. agricultural products. Attendees learn the fundamentals of foreign trade and trade finance, and why these long-established processes make it so vulnerable to TBML.
We break down the most common TBML techniques, including the Black Market Peso Exchange, over & under invoicing, and others, using real world case studies. Finally, we review the red flags for these activities and how to incorporate transaction monitoring, sanctioned/restricted party screening, and enhanced customer due diligence to mitigate TBML risks.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
WEBINAR: What Financial Institutions need to know about Cryptocurrencies
https://www.caseware.com/alessa/webinars/what-fis-need-know-cryptos/
Facebook’s Libra announcement once again sparked a fury of discussions around the role of digital currencies in the banking system. The reality is, cryptocurrencies are here to stay and financial institutions need to apply the same risk management activities as with any other product. So what does this entail?
In this presentation, Dan Peak, Board Advisor at CaseWare RCM and former CEO for World-Check and Greg Pinn, Head of Product Strategy at iComply Investor Services will walk the audience through a systematic process that every financial institution should go through when evaluating the risks associated with cryptocurrencies and effective mitigation strategies.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Recommended
Watch List OFAC PEP
https://www.oceansys.com/ofac_solution.aspx | ¨Monitoring the OPEC Watch list for individuals identified as PEP can help international banks to ensure that they are always following the letter of the law. OPEC Screening Software can make this entire process much easier.
Assessing AML Geographic Risk: a Methodology (November 2020)
This document outlines a methodology for assessing geographic money laundering risk. It discusses categorizing customer risk elements, including geographic risks. It then covers why geographic risk assessment is important, as well as overviewing common country money laundering risk factors across four categories: AML/CFT regulatory framework, financial transparency and regulations, bribery and corruption levels, and involvement in sanctioned activities. The document provides details on building a country risk methodology, including using public indices for rankings and risk factors. It emphasizes documenting the methodology, educating staff, and regularly updating the underlying country risk data.
Reduce your aml compliance workload
AML compliance is a tough job and requires constant attention in order to meet changing requirements and fraud scenarios. Read about one way to reduce your AML compliance workload.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Understanding Money Laundering and Fraud Risks of Wire Transfers
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/fraud-risks-wire-transfers/
Wire transfers have long been the tool of choice for money launderers and fraudsters. To mitigate these risks to the financial institutions they serve, AML compliance and fraud professionals must understand how wire transfers work, both in the U.S. and globally, as well as be able to recognize the red flags in wire transfer transactions that may indicate money laundering or fraud is taking place through a customer’s account.
In this presentation, Laurie Kelly, CAMS shares her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $130 billion U.S. financial institution that processed 12,000 to 15,000 wire transfers per day. Attendees will learn about the mechanics of wire transfers, both in the U.S. and globally, and how wire transfers differ from other types of money movement methods. She will then discuss the FinCEN “Travel Rule”, as well as sanctions screening best practices for wire transfers. Finally, Laurie will explore the money laundering and fraud risks and red flags associated with wire transfers and ways to mitigate them.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Understanding Its Suspicious Activity Reporting (SAR) Requirement
What is Suspicious Activity Report (SAR)?
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
Distinction between CTR and SAR
CTR is required whenever the transaction or series of transactions exceeds the minimum threshold requirement in a 24 hour period.
SAR is required to be filed when there are elements of uselessness, suspicion or indicators of potential illegal activity. Minimum threshold requirement is not applicable to SAR situation.
How to Identify Suspicious Activity?
Banks can use a number of methods to track and identify unusual activity – this may include:
Employee identification
Law enforcement enquiries and requests
Transaction and surveillance monitoring system output
Any combination of the above
When is SAR Filling Required?
A SAR filing is required for any potential crimes:
involving insider abuse regardless of the dollar amount;
where there is an identifiable suspect and the transaction involves $5,000 or more; and
where there is no identifiable suspect and the transaction involves $25,000 or more
When to File SARs:
A SAR should be filed no later than 30 calendar days from the date of the initial detection of facts that may constitute a basis for filing a SAR.
In cases where no suspect can be identified, the time period for filing a SAR is extended to 60 days.
SAR Narratives
SAR Narratives Should:
Be concise and clear
Be chronological and complete
Provide a detailed description of the known or suspected criminal violation or suspicious activity
Identify the essential elements of the information
Outline of Effective SAR Narrative:
Introduction
Body
Conclusion
Want to learn more about anti-money laundering process, BSA requirements and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
How to Write an Effective SAR Narratives
Best Practices for Writing Effective SAR.
Managing an Effective AML Compliance Program
Are You Doing Your BSA/AML Risk Assessment Properly?
How to Report under AML/BSA?
BSA/AML Compliance Checklist
How to Create Effective AML/BSA Compliance Program?
How to Develop Risk Models for AML Monitoring Program?
Elements of Customer Risk - Products & Services, Activity Patterns and Behaviors
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-products-services-activity-patterns-behaviors/
In this presentation we explore how a customer's anticipated transaction activity, products and services can impact their risk score. We delve into various patterns of higher risk and red flag customer transactions and behaviors, and how these and other factors impact an evolving risk score over the life of the customer relationship.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Trade-Based Money Laundering: What Compliance Professionals Need to Know
WATCH WEBINAR - https://www.caseware.com/alessa/webinars/trade-based-money-laundering/
Hundreds of billions of dollars are laundered every year through trade-based money laundering (TBML). Its sophisticated techniques allow criminals to use legitimate trade to disguise the source of illegal proceeds and transfer value across borders without the use of traditional money movement methods.
Laurie Kelly, CAMS shares her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $145 billion U.S. financial institution that provided extensive trade finance services for global exports of U.S. agricultural products. Attendees learn the fundamentals of foreign trade and trade finance, and why these long-established processes make it so vulnerable to TBML.
We break down the most common TBML techniques, including the Black Market Peso Exchange, over & under invoicing, and others, using real world case studies. Finally, we review the red flags for these activities and how to incorporate transaction monitoring, sanctioned/restricted party screening, and enhanced customer due diligence to mitigate TBML risks.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
WEBINAR: What Financial Institutions need to know about Cryptocurrencies
https://www.caseware.com/alessa/webinars/what-fis-need-know-cryptos/
Facebook’s Libra announcement once again sparked a fury of discussions around the role of digital currencies in the banking system. The reality is, cryptocurrencies are here to stay and financial institutions need to apply the same risk management activities as with any other product. So what does this entail?
In this presentation, Dan Peak, Board Advisor at CaseWare RCM and former CEO for World-Check and Greg Pinn, Head of Product Strategy at iComply Investor Services will walk the audience through a systematic process that every financial institution should go through when evaluating the risks associated with cryptocurrencies and effective mitigation strategies.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Introduction to Careers in Anti-Money Laundering (AML)
This document discusses anti-money laundering (AML) controls that financial institutions undertake to prevent money laundering. It describes the three steps of money laundering as placement, layering, and integration. It then outlines key US laws related to AML and discusses the typical AML functions at financial institutions, including know-your-customer procedures, transaction monitoring, investigations, and filing of suspicious activity reports.
Understanding SAR (Suspicious Activity Reporting)
To successfully identify the parties involved in any suspicious activity or money laundering/fraud processes, timely identification and reporting of the same is crucial. The Financial Crimes Enforcement Network (‘FinCEN’) has instituted various changes and updates to the requirements to enhance the process.
We will take a look at SAR requirements and challenges for financial institutions and focus on the solutions that can be enacted to stay compliant.
Elements of Customer Risk: Profiles and Relationships
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-profiles-relationships/
Customer risk rating is an integral part of the customer due diligence process, yet it can be a difficult tool to implement. The risk tolerance of the organization, what products are used, what data is available and the weighting of each risk factor are just some of the variables that need to be considered to determine whether the overall aggregate score is considered high-, medium- or low- risk.
In Part 1 of this webinar series, Laurie Kelly, CAMS will discuss her experience with calculating risk ratings and things that every financial institution should consider.
Viewers will learn about the objectives and fundamentals of customer risk scoring, as well as a logical way to categorize types of risks. She will then review various risk factors to consider when assessing customer risk from a demographic/profile and relationships perspective.
Finally, Laurie will explore separately individual and business/commercial customers risk factors but with a greater focus on business customers, which have more nuanced and complex risk considerations.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Sanctions List Screening with World-Check and CaseWare
Get the most comprehensive sanctions list screening capability available today with CaseWare AML Compliance and the Thomson Reuters World-Check database.
WHAT IS CASEWARE AML COMPLIANCE?
As part of their anti-money laundering (AML) compliance programs, financial institutions and other organizations must take measures to ensure they are not doing business with sanctioned individuals, groups or countries. CaseWare AML Compliance is a solution that has Know Your Customer (KYC), transaction monitoring, sanctions list screening, and regulatory reporting capabilities in a single platform, allowing businesses to fulfill all key areas required by AML regulations.
By adopting this solution, compliance teams have at their fingertips advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and electronically file reports to regulators.
THOMSON REUTERS WORLD-CHECK DATABASE
CaseWare AML Compliance is integrated with Thomson Reuters World-Check database, which currently includes more than 100,000 sources. Hundreds of global researcher analysts review more than 530 sanction, watch and regulatory law and enforcement lists in addition to thousands of other sources of information related to politically exposed persons (PEPs) and individuals and entities not found on official lists daily. This makes World-Check the most comprehensive and up-to-date sanctions list available today.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Money Laundering and Its Fall-out - ROLE OF INFORMATION TECHNOLOGY IN ANTI M...
In an effort to detect potential money laundering schemes, financial institutions have deployed anti-money laundering (AML) detection solutions and enterprise-wide procedural programs.
Writing Effective Suspicious Activity Reports (SARs): Start with WHY
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/effective-sar-suspicious-activity-report-writing/
This presentation addresses effective Suspicious Activity Report (SAR) writing in the context of the SAR’s ultimate purpose: to assist law enforcement in investigation and subsequent prosecution of criminal activity.
After an introduction on how submitted SAR data is reviewed and stored, the presentation provides recommendations for constructing an effective SAR narrative. It also reviews the appropriate use of SAR form checkboxes, the SAR attachment feature, and the distinction between “new” and “continuing activity” SARs.
Finally, it will introduce the concept of SAR case reports as an effective tool in case management as well as providing valuable detailed information to law enforcement upon request.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Product Sheet: Small Business Risk Exchange
XOR Data Exchange developed a secure data exchange to help companies better leverage their data through analytics to address issues like fraud and credit risk. Their Small Business Risk Exchange pulls data from multiple industries and third parties to provide insight into small businesses since most have little credit history reported. It analyzes factors like application history, account performance, online presence, and regional risk to generate a XOR credit score and fraud risk score that identify legitimate versus fraudulent applicants. An analysis found the exchange saved service providers an average of $18.83 per small business application by reducing fraud and credit losses.
RSA Conference 2016 Review
The document summarizes key information from the 2016 RSA Conference related to data privacy and breaches. It discusses types of private data compromised in breaches, categories of data breaches, and statistics on data breaches in 2015. Specific breaches from Washington in 2015 are outlined, including details on the Noble House Hotel, T-Mobile/Experian, and Premera Blue Cross breaches. The document concludes with recommendations for security best practices to avoid data breaches in 2016, such as encryption, password management, and having a data breach response plan.
Online Banking
This document discusses online banking, including its definition, types of online banking services, how to use online banking, and security concerns. It notes that online banking allows customers to conduct financial transactions through a secure website and describes basic and fully transactional online banking services. Examples are given of checking account balances, transferring funds, and paying bills online. Security controls and the risks of online banking fraud are also mentioned.
FircoSoft Stripping detector
Stripping is intentional misconduct that involves the practice of removing wire transfer information such as customer names, bank names, vessels and addresses. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs.
ATM Fraud Prevention Management White Paper from ESQ
FraudDECK includes pre-packaged business workflows for transaction surveillance across ATM & POS channels. It can be extended to facilitate surveillance of fraudulent transactions on other channels like mobile banking or payment transactions like Wire fraud or AML. For more information please visit: http://www.esq.com/transaction-surveillance/
AML presentation
This document provides an overview of anti-money laundering (AML) practices. It discusses the stages of money laundering, including placement, layering, and integration. It covers key AML concepts like know-your-customer procedures, suspicious activity reporting, and the role of regulatory bodies like the Financial Action Task Force in establishing international AML standards. The document is intended to help participants understand AML definitions, pillars, risks, and compliance responsibilities.
How To: Prevent Loan Application Fraud
Regulations, compliance and overall risk management place a significant operational burden on financial services.
Online lenders are no different. You have to comply with multiple regulatory requirements, and you are- like any other financial service- very susceptible to fraud.
If you want to prevent and reduce loan application fraud, your strategy and fraud detection system should include a combination of identity verification, account onboarding protection, and account monitoring.
In this post, we’ll explain how identity verification and Know Your Customer processes are related, and how you can expand them for better fraud coverage.
We’ve also provided specific recommendations for identity verification security tests, and account origination protection strategies that can help you prevent fraud during the loan application process.
How to make KYC for AML Compliance More Effective
WATCH WEBINAR: https://www.caseware.com/alessa/webinars-kyc-aml-compliance-more-effective/
In a recent FinCEN advisory the regulator pointed to bad actors using digital manipulation of identity documentation as a significant risk to financial institutions. So what identity verification tools are available to FIs that are fraud resistant and yet easy to use?
In this presentation we take a hands-on approach and show how the integration of CLEAR ID Confirm with the Alessa solution will make digital onboarding and customer reviews so much easier and reliable. We walk-through specific scenarios so you can see what data is available to you and how results can be incorporated into your AML compliance process.
Specific scenarios that we dissect during the session include:
- Onboarding an individual including document verification and due diligence for Know Your Customer
- Onboarding a new business, including reviewing and screening beneficial ownership information, for Know Your Business
- Performing a customer review based on a transaction alert
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
CaseWare Monitor - New in 5.4 Release
During this webinar you will learn:
How new advanced fraud detection models, including clustering, data/text mining, machine learning and network analysis can detect more suspicious transactions and behaviours
How workflow decision learning will make your system smarter by learning based on previous decisions and interactions
How batch file attachments can be used to attach invoices, receipts and other documentation to alerts for proper record keeping during investigations
Our new search feature that allows organizations to search alerts, work items, cases, regulatory reports, comments and attachments, as well as data from outside sources, to look for potential risks (for example, searching Export Control Lists to screen for export controlled goods)
How Concur users can now open original images of receipts directly in CaseWare Monitor, making investigations easier
Business Intelligence For Anti-Money Laundering
The document discusses anti-money laundering compliance software implementation following the 2001 enactment of the USA PATRIOT Act. Key points include:
- The Patriot Act delegated responsibility to FinCEN to set requirements for financial institutions to establish anti-money laundering compliance programs.
- Section 352(a) of the Patriot Act amended the Bank Secrecy Act to require financial institutions to establish anti-money laundering programs, including internal policies, a compliance officer, ongoing training, and independent audits.
- The objectives are to help businesses implement Patriot Act directives regarding information sharing about clients with suspicious activity and investigating client accounts and transactions for money laundering or terrorist funding possibilities.
IPSA Anti-Bribery/Corruption Practice
IPSA is an expert in conducting anti-bribery and corruption reviews and investigations for multinational corporations according to the US FCPA, UK Bribery Act, and OECD Anti-Bribery Convention with over 20 years of experience. They use proprietary software and experienced investigators to provide timely, accurate, and defensible intelligence to support clients in making informed decisions about their anti-corruption programs.
Cyber Loss Model for the cost of a data breach.
Cyber Loss Model is a rigorous statistical model based upon historical industry data, which predicts the cost of a data breach.
This valuable model can help demonstrate cyber insurance adequacy, or a no insurance stance, for CCAR/DFAST idiosyncratic scenarios. Some banks are using this model to demonstrate a stronger culture of risk management for tier 1 capital. This model could also serve as a strong Challenger Model to a banks Champion Model, or a Champion model if the bank has no method for assessing the cost of a data breach. This model complies with SR11-7 and can pass model validation.
Anti-Corruption Compliance
IPSA is an expert in conducting anti-bribery and corruption reviews and investigations for multinational corporations according to the US FCPA, UK Bribery Act, and OECD Anti-Bribery Convention. They have 20 years of experience in complex multi-jurisdictional engagements and provide defensible reviews and investigations. IPSA uses proprietary software and experienced investigators to deliver timely intelligence and identify any lapses or deficiencies in a company's compliance functions.
AML and OFAC Compliance for the Insurance Industry - Conference Materials
American Conference Institute has developed the 3rd Annual Forum on AML and OFAC Compliance for the Insurance Industry specifically to address the unique challenges facing insurance and reinsurance companies. Be a part of the nation’s premier forum devoted entirely to AML and OFAC compliance for the insurance and reinsurance industries and obtain the key insights and strategic knowledge that are needed to avoid costly sanctions and to ensure compliance with the evolving regulatory and enforcement paradigm.
Russian Sanctions: What the U.S. and OFAC Directives Mean for Global Companies
The document provides an overview and summary of recent U.S. sanctions imposed in response to the Russian actions in Ukraine and the implications for global companies. It discusses the sanctions that have designated individuals and entities in Russia, examines entities that may be considered "owned or controlled" by designated persons, and outlines steps companies can take to mitigate risks from potential expansion of sanctions to other sectors of the Russian economy.
ACI's AML & OFAC Compliance for the Insurance Industry PPT (Day 2)
This document discusses leveraging existing compliance resources to increase efficiency and reduce costs while ensuring legal and regulatory compliance. It addresses benchmarking processes against other organizations, determining when to outsource functions, and leveraging information across departments. Specific issues covered include the intersection of anti-money laundering (AML), sanctions, foreign corrupt practices act (FCPA), and data privacy laws. Controls and oversight of third parties are also discussed, including potential red flags for FCPA violations related to foreign agents, payments, and high-risk countries or industries.
More Related Content
What's hot
Introduction to Careers in Anti-Money Laundering (AML)
This document discusses anti-money laundering (AML) controls that financial institutions undertake to prevent money laundering. It describes the three steps of money laundering as placement, layering, and integration. It then outlines key US laws related to AML and discusses the typical AML functions at financial institutions, including know-your-customer procedures, transaction monitoring, investigations, and filing of suspicious activity reports.
Understanding SAR (Suspicious Activity Reporting)
To successfully identify the parties involved in any suspicious activity or money laundering/fraud processes, timely identification and reporting of the same is crucial. The Financial Crimes Enforcement Network (‘FinCEN’) has instituted various changes and updates to the requirements to enhance the process.
We will take a look at SAR requirements and challenges for financial institutions and focus on the solutions that can be enacted to stay compliant.
Elements of Customer Risk: Profiles and Relationships
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-profiles-relationships/
Customer risk rating is an integral part of the customer due diligence process, yet it can be a difficult tool to implement. The risk tolerance of the organization, what products are used, what data is available and the weighting of each risk factor are just some of the variables that need to be considered to determine whether the overall aggregate score is considered high-, medium- or low- risk.
In Part 1 of this webinar series, Laurie Kelly, CAMS will discuss her experience with calculating risk ratings and things that every financial institution should consider.
Viewers will learn about the objectives and fundamentals of customer risk scoring, as well as a logical way to categorize types of risks. She will then review various risk factors to consider when assessing customer risk from a demographic/profile and relationships perspective.
Finally, Laurie will explore separately individual and business/commercial customers risk factors but with a greater focus on business customers, which have more nuanced and complex risk considerations.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Sanctions List Screening with World-Check and CaseWare
Get the most comprehensive sanctions list screening capability available today with CaseWare AML Compliance and the Thomson Reuters World-Check database.
WHAT IS CASEWARE AML COMPLIANCE?
As part of their anti-money laundering (AML) compliance programs, financial institutions and other organizations must take measures to ensure they are not doing business with sanctioned individuals, groups or countries. CaseWare AML Compliance is a solution that has Know Your Customer (KYC), transaction monitoring, sanctions list screening, and regulatory reporting capabilities in a single platform, allowing businesses to fulfill all key areas required by AML regulations.
By adopting this solution, compliance teams have at their fingertips advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and electronically file reports to regulators.
THOMSON REUTERS WORLD-CHECK DATABASE
CaseWare AML Compliance is integrated with Thomson Reuters World-Check database, which currently includes more than 100,000 sources. Hundreds of global researcher analysts review more than 530 sanction, watch and regulatory law and enforcement lists in addition to thousands of other sources of information related to politically exposed persons (PEPs) and individuals and entities not found on official lists daily. This makes World-Check the most comprehensive and up-to-date sanctions list available today.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Money Laundering and Its Fall-out - ROLE OF INFORMATION TECHNOLOGY IN ANTI M...
In an effort to detect potential money laundering schemes, financial institutions have deployed anti-money laundering (AML) detection solutions and enterprise-wide procedural programs.
Writing Effective Suspicious Activity Reports (SARs): Start with WHY
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/effective-sar-suspicious-activity-report-writing/
This presentation addresses effective Suspicious Activity Report (SAR) writing in the context of the SAR’s ultimate purpose: to assist law enforcement in investigation and subsequent prosecution of criminal activity.
After an introduction on how submitted SAR data is reviewed and stored, the presentation provides recommendations for constructing an effective SAR narrative. It also reviews the appropriate use of SAR form checkboxes, the SAR attachment feature, and the distinction between “new” and “continuing activity” SARs.
Finally, it will introduce the concept of SAR case reports as an effective tool in case management as well as providing valuable detailed information to law enforcement upon request.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Product Sheet: Small Business Risk Exchange
XOR Data Exchange developed a secure data exchange to help companies better leverage their data through analytics to address issues like fraud and credit risk. Their Small Business Risk Exchange pulls data from multiple industries and third parties to provide insight into small businesses since most have little credit history reported. It analyzes factors like application history, account performance, online presence, and regional risk to generate a XOR credit score and fraud risk score that identify legitimate versus fraudulent applicants. An analysis found the exchange saved service providers an average of $18.83 per small business application by reducing fraud and credit losses.
RSA Conference 2016 Review
The document summarizes key information from the 2016 RSA Conference related to data privacy and breaches. It discusses types of private data compromised in breaches, categories of data breaches, and statistics on data breaches in 2015. Specific breaches from Washington in 2015 are outlined, including details on the Noble House Hotel, T-Mobile/Experian, and Premera Blue Cross breaches. The document concludes with recommendations for security best practices to avoid data breaches in 2016, such as encryption, password management, and having a data breach response plan.
Online Banking
This document discusses online banking, including its definition, types of online banking services, how to use online banking, and security concerns. It notes that online banking allows customers to conduct financial transactions through a secure website and describes basic and fully transactional online banking services. Examples are given of checking account balances, transferring funds, and paying bills online. Security controls and the risks of online banking fraud are also mentioned.
FircoSoft Stripping detector
Stripping is intentional misconduct that involves the practice of removing wire transfer information such as customer names, bank names, vessels and addresses. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs.
ATM Fraud Prevention Management White Paper from ESQ
FraudDECK includes pre-packaged business workflows for transaction surveillance across ATM & POS channels. It can be extended to facilitate surveillance of fraudulent transactions on other channels like mobile banking or payment transactions like Wire fraud or AML. For more information please visit: http://www.esq.com/transaction-surveillance/
AML presentation
This document provides an overview of anti-money laundering (AML) practices. It discusses the stages of money laundering, including placement, layering, and integration. It covers key AML concepts like know-your-customer procedures, suspicious activity reporting, and the role of regulatory bodies like the Financial Action Task Force in establishing international AML standards. The document is intended to help participants understand AML definitions, pillars, risks, and compliance responsibilities.
How To: Prevent Loan Application Fraud
Regulations, compliance and overall risk management place a significant operational burden on financial services.
Online lenders are no different. You have to comply with multiple regulatory requirements, and you are- like any other financial service- very susceptible to fraud.
If you want to prevent and reduce loan application fraud, your strategy and fraud detection system should include a combination of identity verification, account onboarding protection, and account monitoring.
In this post, we’ll explain how identity verification and Know Your Customer processes are related, and how you can expand them for better fraud coverage.
We’ve also provided specific recommendations for identity verification security tests, and account origination protection strategies that can help you prevent fraud during the loan application process.
How to make KYC for AML Compliance More Effective
WATCH WEBINAR: https://www.caseware.com/alessa/webinars-kyc-aml-compliance-more-effective/
In a recent FinCEN advisory the regulator pointed to bad actors using digital manipulation of identity documentation as a significant risk to financial institutions. So what identity verification tools are available to FIs that are fraud resistant and yet easy to use?
In this presentation we take a hands-on approach and show how the integration of CLEAR ID Confirm with the Alessa solution will make digital onboarding and customer reviews so much easier and reliable. We walk-through specific scenarios so you can see what data is available to you and how results can be incorporated into your AML compliance process.
Specific scenarios that we dissect during the session include:
- Onboarding an individual including document verification and due diligence for Know Your Customer
- Onboarding a new business, including reviewing and screening beneficial ownership information, for Know Your Business
- Performing a customer review based on a transaction alert
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
CaseWare Monitor - New in 5.4 Release
During this webinar you will learn:
How new advanced fraud detection models, including clustering, data/text mining, machine learning and network analysis can detect more suspicious transactions and behaviours
How workflow decision learning will make your system smarter by learning based on previous decisions and interactions
How batch file attachments can be used to attach invoices, receipts and other documentation to alerts for proper record keeping during investigations
Our new search feature that allows organizations to search alerts, work items, cases, regulatory reports, comments and attachments, as well as data from outside sources, to look for potential risks (for example, searching Export Control Lists to screen for export controlled goods)
How Concur users can now open original images of receipts directly in CaseWare Monitor, making investigations easier
Business Intelligence For Anti-Money Laundering
The document discusses anti-money laundering compliance software implementation following the 2001 enactment of the USA PATRIOT Act. Key points include:
- The Patriot Act delegated responsibility to FinCEN to set requirements for financial institutions to establish anti-money laundering compliance programs.
- Section 352(a) of the Patriot Act amended the Bank Secrecy Act to require financial institutions to establish anti-money laundering programs, including internal policies, a compliance officer, ongoing training, and independent audits.
- The objectives are to help businesses implement Patriot Act directives regarding information sharing about clients with suspicious activity and investigating client accounts and transactions for money laundering or terrorist funding possibilities.
IPSA Anti-Bribery/Corruption Practice
IPSA is an expert in conducting anti-bribery and corruption reviews and investigations for multinational corporations according to the US FCPA, UK Bribery Act, and OECD Anti-Bribery Convention with over 20 years of experience. They use proprietary software and experienced investigators to provide timely, accurate, and defensible intelligence to support clients in making informed decisions about their anti-corruption programs.
Cyber Loss Model for the cost of a data breach.
Cyber Loss Model is a rigorous statistical model based upon historical industry data, which predicts the cost of a data breach.
This valuable model can help demonstrate cyber insurance adequacy, or a no insurance stance, for CCAR/DFAST idiosyncratic scenarios. Some banks are using this model to demonstrate a stronger culture of risk management for tier 1 capital. This model could also serve as a strong Challenger Model to a banks Champion Model, or a Champion model if the bank has no method for assessing the cost of a data breach. This model complies with SR11-7 and can pass model validation.
Anti-Corruption Compliance
IPSA is an expert in conducting anti-bribery and corruption reviews and investigations for multinational corporations according to the US FCPA, UK Bribery Act, and OECD Anti-Bribery Convention. They have 20 years of experience in complex multi-jurisdictional engagements and provide defensible reviews and investigations. IPSA uses proprietary software and experienced investigators to deliver timely intelligence and identify any lapses or deficiencies in a company's compliance functions.
What's hot (19)
Introduction to Careers in Anti-Money Laundering (AML)
Introduction to Careers in Anti-Money Laundering (AML)
Elements of Customer Risk: Profiles and Relationships
Elements of Customer Risk: Profiles and Relationships
Sanctions List Screening with World-Check and CaseWare
Sanctions List Screening with World-Check and CaseWare
Money Laundering and Its Fall-out - ROLE OF INFORMATION TECHNOLOGY IN ANTI M...
Money Laundering and Its Fall-out - ROLE OF INFORMATION TECHNOLOGY IN ANTI M...
Writing Effective Suspicious Activity Reports (SARs): Start with WHY
Writing Effective Suspicious Activity Reports (SARs): Start with WHY
ATM Fraud Prevention Management White Paper from ESQ
ATM Fraud Prevention Management White Paper from ESQ
Viewers also liked
AML and OFAC Compliance for the Insurance Industry - Conference Materials
American Conference Institute has developed the 3rd Annual Forum on AML and OFAC Compliance for the Insurance Industry specifically to address the unique challenges facing insurance and reinsurance companies. Be a part of the nation’s premier forum devoted entirely to AML and OFAC compliance for the insurance and reinsurance industries and obtain the key insights and strategic knowledge that are needed to avoid costly sanctions and to ensure compliance with the evolving regulatory and enforcement paradigm.
Russian Sanctions: What the U.S. and OFAC Directives Mean for Global Companies
The document provides an overview and summary of recent U.S. sanctions imposed in response to the Russian actions in Ukraine and the implications for global companies. It discusses the sanctions that have designated individuals and entities in Russia, examines entities that may be considered "owned or controlled" by designated persons, and outlines steps companies can take to mitigate risks from potential expansion of sanctions to other sectors of the Russian economy.
ACI's AML & OFAC Compliance for the Insurance Industry PPT (Day 2)
This document discusses leveraging existing compliance resources to increase efficiency and reduce costs while ensuring legal and regulatory compliance. It addresses benchmarking processes against other organizations, determining when to outsource functions, and leveraging information across departments. Specific issues covered include the intersection of anti-money laundering (AML), sanctions, foreign corrupt practices act (FCPA), and data privacy laws. Controls and oversight of third parties are also discussed, including potential red flags for FCPA violations related to foreign agents, payments, and high-risk countries or industries.
AML and OFAC Compliance for the Insurance Industry
This document contains best practice tips from several experts on anti-money laundering (AML) and sanctions compliance. Some of the key tips discussed include developing a standardized framework for assessing risks and controls across different business units; tailoring compliance training to specific roles and business areas; understanding business operations in depth to design effective screening processes; and clearly communicating compliance risks and implications to senior management.
Pisa-Relli OFAC Basics (May 2010)
This document provides an overview of U.S. sanctions and the Office of Foreign Assets Control (OFAC). It describes how OFAC administers and enforces U.S. economic and trade sanctions. Key points include OFAC's organization and roles, the legal authorities behind sanctions, how targets are identified and placed on the Specially Designated Nationals list, and current countries/groups subject to comprehensive sanctions.
Optical Eye Shop DBMS - MIS
The document discusses a proposed information system for Al-Faiz Optics shop. The objectives are to increase efficiency, minimize errors in the manual system, and reduce paperwork by keeping customer records electronically. The proposed system would use a Pentium 4 computer with Microsoft Office and require no specialized software or training. It would track key entities like customers, invoices, orders, and products like frames, lenses, and accessories. An entity-relationship diagram is also mentioned.
Viewers also liked (7)
AML and OFAC Compliance for the Insurance Industry - Conference Materials
AML and OFAC Compliance for the Insurance Industry - Conference Materials
Russian Sanctions: What the U.S. and OFAC Directives Mean for Global Companies
Russian Sanctions: What the U.S. and OFAC Directives Mean for Global Companies
ACI's AML & OFAC Compliance for the Insurance Industry PPT (Day 2)
ACI's AML & OFAC Compliance for the Insurance Industry PPT (Day 2)
AML and OFAC Compliance for the Insurance Industry
AML and OFAC Compliance for the Insurance Industry
Similar to OFAC Screening Software
The Watchful Eye - Aml Transaction Monitoring Solutions.pptx
Welcome to our presentation on AML transaction monitoring solutions. In today's financial landscape, it is more important than ever for financial institutions to have effective AML compliance programs in place.
https://amlpartners.com/
How will AML help your bank's reputation and profitability?
Money laundering has subjected financial institutions to losses and subjected them to punishments and fines from law/regulation bodies. Sometimes banks may fail to notice that fraudulent practices are happening in their facilities. So how can banks detect and prevent money laundering and fraud?
Artificial Intelligence in Banking
This document discusses various uses of AI in banking, including:
1) Know Your Customer/Client (KYC) and fraud detection using machine learning to analyze transactions and communications.
2) Anomaly detection using time series analysis to flag suspicious transaction patterns in real-time.
3) Customer churn prediction analyzing complex customer behavior data to identify at-risk customers.
Artificial Intelligence in Banking
The document discusses various uses of AI in banking, including:
1) Know Your Customer/Client (KYC) and fraud detection using machine learning to analyze transactions and find anomalous patterns.
2) Anomaly detection using time series analysis to detect network issues.
3) Customer churn prediction and credit risk scoring using more complex AI models to analyze individual customer data.
4) Anti-money laundering applications that use time series modeling to detect suspicious transaction networks.
AML Training uba capital
This document provides an overview of anti-money laundering practices and suspicious transactions. It discusses the key stages of money laundering: placement, layering, and integration. It also outlines the elements of an effective AML program, including board approval, training, internal controls, and independent audits. Several typologies of money laundering are described, such as the use of shell companies and cash couriers. Guidelines for identifying and reporting suspicious transactions and clients are provided. Specific scenarios involving suspicious activities like structuring are reviewed.
OFAC Name Matching and False-Positive Reduction Techniques
Exploration of Office of Foreign Asset Control (OFAC) compliance and strategies to avoid false positives (and negatives), covering watch lists such as specially designated nationals (SDN), customer due diligence,data mining, probabilistic techniques and anti-money-laundering (AML) software.
Automated anti money laundering using artificial intelligence and machine lea...
1) The document discusses how machine learning and artificial intelligence can be used to automate and improve anti-money laundering processes at financial institutions.
2) Key applications discussed include using machine learning for alert routing to reduce false positives, anomaly detection to identify unusual transaction patterns, and data aggregation to create a unified customer view.
3) The document also discusses how robotic process automation can be used to automate know-your-customer checks and other compliance processes but has limitations that machine learning may be better suited for.
"Common sense not so common"
Regulators and financial intelligence units are tasked with challenging jobs to fight money laundering and terrorism financing, but some have room for improvement. Financial institutions observe that some regulators and units give unfavorable audit reports not necessarily due to legal breaches, but because of subjective methods rather than proper risk assessment. Excessive compliance costs are incurred without clear evidence that they reduce financial crimes. Regulators and units should ensure regulatory actions have benefits exceeding costs to avoid counterproductive policies. Proper risk understanding and mitigation is important over prescriptive rules and one-size-fits-all approaches.
Understanding Anti-Money Laundering_ A Comprehensive Guide.pdf
Explore the essential aspects of Anti-Money Laundering (AML) with our comprehensive guide. Learn key practices, regulations, and strategies. For more Information Read this article
IRJET-Anti Money Laundering System to Detect Suspicious Account
This document presents a proposed anti-money laundering system that uses data mining techniques like the Apriori algorithm and graph theory to identify money laundering transactions. Money laundering occurs in three stages: placement, layering, and integration. The proposed system aims to identify the traversal path of laundered money in the layering stage using hash-based association and detect agents and integrators. It also proposes using behavior and location analysis to detect credit card fraud without requiring fraud signatures by analyzing spending habits and geographic locations. The system would analyze credit card transaction data for unusual patterns compared to a user's previous behavior to potentially flag suspicious transactions.
Money Laundering
Money launderig is a threat not just to stability of Global Financial Institutions, but also national secuity
Money Laundering Risk Technological Perspective Fina Lv1
Technology plays both a facilitating and mitigating role in money laundering risks. On one hand, technology enables new methods of money laundering like through electronic currencies and online banking. On the other hand, financial institutions rely on technology like transaction monitoring software to comply with anti-money laundering regulations and identify suspicious transactions. However, software alone is not a complete solution and well-trained staff are still needed to analyze transactions. New technologies also pose challenges as money laundering risks can change, and rules trying to define what constitutes suspicious activity can sometimes be abstract.
Ending Financial Crime Why Looking For The Ultimate Beneficial Owner Is Impor...
One of the most important of them is finding the ultimate beneficial owner for every company who opens an account.
Taylor Amarel Upload - Liberty Global Asia Report
This document discusses recommendations for Congress to create regulations allowing qualified civil society organizations to share intelligence on issues like human trafficking with financial institutions and regulators under safe harbor protections. It provides an overview of why the financial industry needs intelligence from civil society to better identify criminal activity, given limitations of industry-initiated identification efforts. It also gives examples of how human trafficking is connected to money laundering and the financial system through various case studies. The document argues that establishing protections for civil society organizations to share vetted intelligence would help disrupt criminal networks while protecting information sources.
SMART-AML_A4.EN.ciq
SMART-AML is an anti-money laundering system that provides a complete end-to-end AML solution integrated with banking platforms. It allows for real-time payment screening, transaction monitoring, client screening, and compliance with national and international AML regulations. The system implements a risk-based approach using flexible rules and risk scoring models. It provides tools for customer due diligence, intelligent account and transaction monitoring, alert management, and compliance with KYC regulations. The system is built on J2EE technology and easily integrates with other systems.
Trends 121415 Citizens Bank
Financial institutions expect the law firms they work with to have robust information security programs in place to protect sensitive client information. They regularly audit law firm security practices to ensure compliance. Adequate security programs have many elements, like written policies that are reviewed regularly, staff training, risk assessments, device encryption, background checks, and controlled access to sensitive files. Firms should consult security experts and be prepared to have their programs assessed in order to maintain business relationships with banks and other financial clients.
ATM2.pdf.pdf
This research paper analyzes ATM fraud, including cash withdrawal fraud, fund transfer fraud, password hacking, and pin misplacement. The paper proposes combining biometric identification like thumbprint scans with PINs to authenticate ATM users and reduce fraud. Currently, fraudsters can use stolen card information and PINs obtained through phishing emails to commit ATM fraud. The paper suggests designing ATMs with integrated biometric scanners without slowing down transaction speeds to strengthen security.
AML Survey Report Sep20091251965180
The document summarizes the findings of an anti-money laundering survey conducted in India among 168 respondents from public sector banks, private sector banks, and foreign banks. Some of the key findings include:
1) Foreign banks have more robust AML operations due to greater investment in skilled staff, training, technology, and senior management involvement compared to public sector banks.
2) Implementation of AML programs is the biggest challenge for banks in India, particularly regarding legacy data and migrating KYC data to new electronic systems for public sector banks.
3) There is a lack of adequate skilled and certified AML professionals in the Indian banking industry.
AML white paper_EN_4Feb2015v2
The document discusses how forensic data analytics (FDA) can help banks better detect money laundering risks and meet evolving anti-money laundering (AML) regulations. FDA uses advanced analytics on both structured and unstructured data to identify hidden relationships and behaviors that may indicate money laundering. This allows banks to more accurately predict and prevent AML risks. Major banks are already using FDA to enhance transaction monitoring and develop risk scores to flag potentially suspicious activities for investigation.
IBM Counter Finalcial Crimes Management
The document discusses IBM's Counter Financial Crimes Management solution which uses advanced analytics to help financial institutions combat financial crimes like fraud and money laundering. It provides entity analytics to help banks gain a clearer understanding of their customers, relationships, and hidden patterns. This includes identity resolution to determine who customers really are, relationship resolution to uncover complex relationships, and multilayered analytical processing to evaluate transactional behavior and compliance risks. The solution aims to help banks strengthen their anti-money laundering programs and meet increasing regulatory requirements.
Similar to OFAC Screening Software (20)
The Watchful Eye - Aml Transaction Monitoring Solutions.pptx
The Watchful Eye - Aml Transaction Monitoring Solutions.pptx
How will AML help your bank's reputation and profitability?
How will AML help your bank's reputation and profitability?
OFAC Name Matching and False-Positive Reduction Techniques
OFAC Name Matching and False-Positive Reduction Techniques
Automated anti money laundering using artificial intelligence and machine lea...
Automated anti money laundering using artificial intelligence and machine lea...
Understanding Anti-Money Laundering_ A Comprehensive Guide.pdf
Understanding Anti-Money Laundering_ A Comprehensive Guide.pdf
IRJET-Anti Money Laundering System to Detect Suspicious Account
IRJET-Anti Money Laundering System to Detect Suspicious Account
Money Laundering Risk Technological Perspective Fina Lv1
Money Laundering Risk Technological Perspective Fina Lv1
Ending Financial Crime Why Looking For The Ultimate Beneficial Owner Is Impor...
Ending Financial Crime Why Looking For The Ultimate Beneficial Owner Is Impor...
Recently uploaded
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Schedule Unveiled
The Genesis of BriansClub.cm Famous Dark WEb Platform
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Best practices for project execution and delivery
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Call8328958814 satta matka Kalyan result satta guessing
Satta Matka Kalyan Main Mumbai Fastest Results
Satta Matka ❋ Sattamatka ❋ New Mumbai Ratan Satta Matka ❋ Fast Matka ❋ Milan Market ❋ Kalyan Matka Results ❋ Satta Game ❋ Matka Game ❋ Satta Matka ❋ Kalyan Satta Matka ❋ Mumbai Main ❋ Online Matka Results ❋ Satta Matka Tips ❋ Milan Chart ❋ Satta Matka Boss❋ New Star Day ❋ Satta King ❋ Live Satta Matka Results ❋ Satta Matka Company ❋ Indian Matka ❋ Satta Matka 143❋ Kalyan Night Matka..
Building Your Employer Brand with Social Media
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
How to Implement a Real Estate CRM Software
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
Leaders who possess self-awareness deeply understand their emotions, strengths, and weaknesses.
Easily Verify Compliance and Security with Binance KYC
Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
Best Forex Brokers Comparison in INDIA 2024
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Digital Marketing with a Focus on Sustainability
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
The latest Heat Pump Manual from Newentide
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
一模一样【微信：A575476】【新西兰奥塔哥大学毕业证（otago毕业证）成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
Creative Web Design Company in Singapore
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Industrial Tech SW: Category Renewal and Creation
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Recently uploaded (20)
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
The Genesis of BriansClub.cm Famous Dark WEb Platform
The Genesis of BriansClub.cm Famous Dark WEb Platform
Call8328958814 satta matka Kalyan result satta guessing
Call8328958814 satta matka Kalyan result satta guessing
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
Easily Verify Compliance and Security with Binance KYC
Easily Verify Compliance and Security with Binance KYC
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Best Competitive Marble Pricing in Dubai - ☎ 9928909666
OFAC Screening Software
- 2. All financial institutions must comply with OFAC economic and trade sanctions. This requires complex algorithms to track all pertinent information. This type of screening is impossible to do by hand, which is where OFAC screening becomes important.
- 3. Screening looks out for a number of entities that institutions should avoid conducting business with in order to remain compliant. This includes blocked nations, people on the blocked persons list, and entities prohibited by defense trade controls. Screening software keeps banks up-to-date on these lists.
- 4. When it comes to blocked persons and entities, all transactions should be monitored. These transactions include deposits, withdrawals, new accounts, wire transfers, and ACH transfers. Even if the person originating a transaction isn’t blocked, the person on the receiving end may be.
- 5. Politically exposed persons (PEP) are a separate issue for banks. These people are either in politics or are related to political figures. While transactions with these parties are not always a problem, PEPs can be more susceptible to bribery, corruption, and fraud.
- 6. Compliance prevents banks from becoming a party to criminal activity. This activity can include money laundering for criminal organizations or terrorist groups. Banks that knowingly engage with blocked persons could become liable for the criminal activity.
- 7. OFAC screening software uses information that comes from the Office of Foreign Assets Control. It also uses information from the Department of the Treasury for its list compilations. Much of OFAC regulations are created in accordance with UN sanctions.
- 8. OFAC screening should be able to accept new database updates while still maintaining access to older lists. It should also be able to provide quick access to information so banks can determine which parties to choose for business deals. The software should be easy to use and understood by the people who use it most.
- 9. The best screening software is able to provide a variety of information with quick response times. Keeping up with all of the regulations is critical, so institutions need a program that works. Failure to comply with OFAC regulations can have serious repercussions for banks.
- 11. All images from www.pixabay.com.