Popular in Course
verified elite notetaker
Popular in Business
This 8 page Document was uploaded by an elite notetaker on Monday December 21, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 10 views.
Reviews for Software-Solutions-For-Stopping-Bank-Fraud---Money-Laundering
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 12/21/15
Software Solutions For Stopping Bank Fraud & Money Laundering A Global Problem With An Online Solution Bank fraud and money laundering are serious problems that financial institutions have legal and moral responsibilities to help curtail. According to the American Banker’s Association, fraud against deposit accounts cost $1.74 billion in 2012. And that’s just in the United States. Government agencies also say that about 3.7 percent of the world’s GDP, or $1.6 trillion is laundered each year. Laundered money evades taxes and often supports illegal and destructive activity like international terrorism and the drug and sex- trafficking trades. Stopping Fraud, Staying In Compliance Financial institutions have a strong monetary incentive to prevent bank fraud, as it impacts their bottom line Secrecy Act places much of the responsibility for curtailing money laundering on banks and financial institutions. Strong BCS/AMA software is critical to stopping bank fraud and money laundering. AML/BCS Solutions Ocean Systems has a powerful suite of anti-money laundering and compliance software to help financial institutions stop fraud and money laundering in their tracks and ensure compliance with the law. The system profiles accounts by using information gathered from: • Know Your Customer data • Enhanced Due Diligence Introducing RETINA RETINA is Ocean System’s fraud prevention module. In real time, Retina helps monitor: • Fedwires • SWIFT • ACH Added Protection Ocean System’s RETINA software provides added protection by using user profile and credential information in its monitoring protocol. This includes: • Token activation • Password resets • New user registrations • IP changes Ocean Systems’ software can be easily embedded in your bank’s BSA or Fraud Department or throughout its network of branches, allowing relationship managers to provide additional information. When the system detects a concern, alerts are sent to the individuals responsible for reviewing the information. The system’s case management functionality facilitates the follow up and documentation of incidents. About Ocean Systems, Inc. Ocean Systems, Inc. develops electronic funds transfer software for the financial industry. OSI produces a number of software applications, including FedLink, the OFAC EDD Server and the Enhanced Compliance Solution to meet client needs for transfer and compliance solutions. Headquartered in Miami, Fla, OSI has been in business since 1991 and its products are used in more than 220 installations in the U.S., Europe, Central America, South America and the Caribbean. To learn more, visit www.oceansys.com
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'