MLTrac™

With the ever-increasing emphasis on being able to demonstrate adequate anti
money laundering procedures and prevention techniques, plus the draconian
penalties for those failing to maintain suitable evidence of such activity, no
financial institution can afford to be without an automated system such as
MLTrac.MLTrac is part of our portfolio of banking software and is dedicated to
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Anti Money Laundering softwareMLTrac enables financial institutions to improve
their internal disciplines,supplement their policies and procedures, and make a
clear statement to the authorities about their commitment to effective anti
money laundering controls.MLTrac's functionality is based upon a combination of
our experience, together with contributions from our customer base and the
relevant international financial authorities. Regular updates also take account
of any future changes in market requirements and legislation.Functions:*KYC
Document Management - The definition, scanning, management and tracking of
customer documentation, and reporting of any deviations.*KYC Account Monitoring
-The tracking of movements over account(s) looking for deviations outside of a
pre-determined profile.*Manual Watch List Checking. Enter a name and the system
will check to see if the name, or like sounding names, appear on any of the
watch lists (e.g. OFAC, Bank of England and others) that the system monitors*
Message Monitoring. MLTrac can be configured to check all inbound and outbound
messages, irrespective of format, to see whether any field (normally the
Ordering Customer and Beneficiary) appears on one of the supported checklists.
The bank has control over the granularity of the name checking so as not to
create too many false alerts. Messages that fail Watch List Checking are put to
a quarantine queue for manual intervention. Full Audit Trails of all checks and
actions taken is maintained by the system.*Cash Remittances. For the many
institutions that originate from a country with a large overseas population the
problems associated with accepting cash for remittance back home when taken
against the potential ramifications of anti money laundering legislation means
that the business is very risky and, often, not worth doing. The Cash
Remittances module does away with this fear. Information concerning the remitter
is maintained as part of the KYC Documentation Management module and is
displayed and made available to the teller at the point of capturing data. A
full record off all remitters and beneficiaries is maintained. Limits can be
placed upon the individual remitter and upon the ultimate beneficiary
(irrespective of source). The resulting SQL database can be interrogated for
unusual payment patterns.