BSA - TRANSACTION MONITORING
The Bank Secrecy Act requires financial institutions to monitor their systems and report any suspicious activity. The Patriot Act has increased the focus on this area and various government agencies have provided guidance on the types of activity that should be monitored for, however, implementing an effective transaction monitoring program is still a challenge for most organizations.
REQUIREMENTS
The basic components of a transaction monitoring program are straightforward:
- Monitor systems for suspicious activity
- Review results to determine whether investigation is necessary
- File appropriate reports with government agencies (SAR)
While each of these steps is independently achievable, the responsibility for the whole process typically crosses department boundaries which increases the likelihood of inefficiencies and errors.
HOW POLIVEC CAN HELP
Polivec EGS can track the entire process, beginning the the transaction monitoring itself. Whether you use a third party monitoring product or just need to pull the information directly from your banking systems, the Polivec EGS Technology Manager can link to you systems and notify you when suspicious activity is discovered.
For each occurrence the Polivec Activity Manager will assign a task to the appropriate person instructing them to investigate. The Activity Manager will track that task to ensure timely response. Any information (comments, files, etc.) related to the investigation will be recorded with the task. If the result of the investigation requires a report to be filed with an agency, that report can also be included with the task.
The end result is a compete record of the entire process associated with each suspicious activity discovered.
MORE INFORMATION
Polivec Anti-Money Laundering Solution
Polivec Enterprise Governance Solution
Solutions for the Financial Industry