Anti-money laundering and anti-terrorism financing software.
Criminals today use very sophisticated methods to avoid detection of fraud and money laundering. Surveillant anti-money laundering and anti-terrorist financing software provides you with a way to detect this type of activity by using a combination of scorecards, watch lists, transaction scanning, and automated reporting.
With Surveillant you create a custom scorecard to vet each person, business, or financial instrument registered on your system using questions unique to your organization. These scorecards will be used by the compliance team in conjunction with any transactions that are deemed suspicious for potential further investigation.
SIT recommends that the team that is responsible for monitoring suspicious transactions use the Suspicious Transaction Browser within Surveillant to see what has been logged on a daily basis.
Every financial institution today must have an anti-fraud and anti-money laundering compliance team in place. This compliance team is there to ensure that risk is assessed and that specific types of transactions are reviewed for compliance. When setting up Surveillant for the first time, use the compliance team to help create the questions that will be used for scorecards in addition to transaction monitoring criteria.
Surveillant's watch list feature allows you to flag customers or third parties that you want to monitor more closely. As an example, if a particular lawyer was associated with two fraud cases in the past few years, but never charged, you could choose to monitor that lawyer more closely than other third parties. The watch list then enables the compliance team to become aware when a flagged customer or third party becomes linked to a new financial instrument.
Today's money laundering criminals will sometimes deploy a network of people to perform transactions that, by themselves, are not suspicious, but for a given financial instrument in a specific time period could be deemed suspicious. For example, if there are eight deposits of $2,000 made at eight different branch locations into one account, these transactions, by themselves, would typically not be deemed suspicious. If you have configured Surveillant to watch for any deposits in aggregate of over $10,000, Surveillant will then flag this type of activity. You can instruct Surveillant to detect any number of activities (with specific threshold amounts) for any loan, retail, investment, or term deposit account.
During any given week or month, there may be a number of suspicious transactions highlighted by Surveillant. Depending on the financial institution's policy, these transactions can be submitted on a daily, weekly, or monthly basis. At this time, it is common for most regulatory agencies to expect this type of reporting on a monthly basis. Portfolio Plus Surveillant automates this reporting to FINTRAC so all suspicious transactions can be reported at once.
This page was created and/or refreshed on April 24, 2017 @ 10:26:24
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
The page subject is: Anti-Money Laundering Software and Anti-Terrorist Financing Software