Financial Intelligence Solutions

Your new bank has an ever-increasing responsibility to comply with requirements pertaining to identity verification, The Bank Secrecy Act, Office of Foreign Assets Control (OFAC), anti-money laundering, and fraud prevention.

We can help you reduce the difficulty and confusion of those tasks with our Financial Intelligence solutions. At the heart of these solutions is our PATRIOT Act Compliance Suite, an integrated and risk-based tool that can help you meet the identity verification and record retention requirements of Section 326 of the USA PATRIOT Act.

Better still, as a de novo institution, you qualify for special offers on financial intelligence solutions.

Anti-Fraud Solution

Fraud comes in many forms. It can originate internally or externally. It can involve employees, customers, third-party brokers, and organized fraud rings. Industry reports and FBI analysis indicate that fraud is pervasive and growing.

As your transaction volume increases, it becomes more and more difficult to monitor. You must look for rogue trading, demand drafts, forged documents, stolen identity, check kiting, falsified loan applications, and a myriad of accounting fraud schemes. Each new transaction puts your reputation and your bottom line more at risk.

Wiz Sentri™: Anti-Fraud prevents fraud by examining all activity in real-time for telltale signs of fraud. You can preset rules to look for specific activities, automatically stop transactions, refuse checks, decline loan applications, or simply flag transactions for further investigation. Wiz Sentri: Anti-Fraud then records and stores activity data to facilitate investigation, case management, and loss mitigation.

Bank Secrecy Act/Anti-Money Laundering Solution

Sharp increases in regulatory enforcement, including cease-and-desist orders and record fines, have made complying with Bank Secrecy Act (BSA) and USA PATRIOT Act regulations a top priority for all financial institutions.

The increasing sophistication of today's money launderers and government regulators demand a sophisticated response to avoid exposure. Any manual processes embedded within the steps of your anti-money laundering (AML) program will render it less efficient, less accurate, and ineffective.

Wiz Sentri™: BSA/AML automates each facet of your Bank Secrecy Act/anti-money laundering compliance program, including Customer Identification Program (CIP), Enhanced Due Diligence (EDD) processes, suspicious activity detection, case investigation, and appropriate training. This eliminates time consuming, inefficient manual processes, increases the effectiveness of your program and staff, and significantly decreases your overall BSA/AML compliance risk.

Know Your Customer/Customer Identification Program

Implementing a Know Your Customer/Customer Identification Program (KYC/CIP) is among the most basic tenets of Section 326 of the USA PATRIOT Act, and is required as part of your overall strategy for AML compliance.

A comprehensive KYC/CIP involves much more than just identifying customers; it requires the development of customer profiles and a true understanding of the expected scope of your customer relationships.

Keys to an effective KYC/CIP:

• Understanding your customer begins at the time of account opening during initial Customer Due Diligence (CDD). CDD risk scoring and risk rating enables the institution to understand the level of risk an applicant brings.



• Once you’ve developed an initial customer risk rating, ongoing CIP validation and account behavior profile assessments can be used to update the initial risk score and provide an ongoing risk assessment.



• It’s critical to establish a baseline for normal or expected activity patterns on an existing account. Activities outside of expected patterns of behavior will then trigger warnings of suspicious activity.

To help you meet the regulatory requirements and truly realize the operational benefits of a robust KYC/CIP program, we offer Wiz Sentri™: RiskID, our comprehensive CIP software solution, as well as Wiz Sentri™: Transaction Monitor and Wiz Sentri: Anti-Fraud, for ongoing monitoring of accounts and customer activity.

FACTA Red Flags/Identity Theft

The Red Flag provisions of the Fair and Accurate Credit Transactions Act (FACTA) went into effect on November 1, 2008. These provisions are intended to help consumers fight the growing crime of identity theft. All financial institutions and other creditors with "covered accounts" including consumer loans and deposit accounts need to comply.

To meet these regulatory requirements, technology can help facilitate a rapid program deployment including program design, program documentation, customer identification, ongoing assessment, account monitoring, and reporting.

Through the use of a comprehensive CIP software solution, like Wiz Sentri: RiskID, existing BSA/AML tests can be easily leveraged to meet Red Flag requirements for detection, investigation, and reporting simultaneously. In addition to identity theft Red Flag detection, ongoing monitoring of accounts and employee activity can be facilitated through Wiz Sentri: Anti-Fraud. This system monitors all account and employee activity in real-time and provides automated alerts on ID theft activities such as account beneficiary, address, or name changes that may be of a suspicious nature.

Together, Wiz Sentri: RiskID and Wiz Sentri: Anti-Fraud combine to form our Wiz Sentri™: Red Flags solution.