BANKDetect Introduces RiskTracker-ID/CIP; Web-Based Customer-Screening Solution Meets Industry Need for Efficient Due Diligence and Compliance.

CHURCHTON, Md. -- BANKDetect, LLC, a privately held knowledge-based technology company that focuses solely on loss prevention and compliance for financial industries, announced it will release RiskTracker ID/CIP, a Web-based, four-dimension customer screening solution, in May.

RiskTracker-ID/CIP integrates four essential services to meet anti-fraud due diligence and anti-money laundering (AML)/customer identification program (CIP) compliance, including:

1. A search that scours the National Computer Network (NCN) banking history database for closed-for-cause accounts, which includes a national database of more than 168 million checking accounts and information on unpaid returned checks from thousands of merchants;

2. A process that verifies a client's identity using more than 130 different checks on elements such as address, phone number, social security number and driver's license number;

3. An AML/CIP risk assessment process that captures AML account risk factors required by the Bank Secrecy and Patriot Acts; and

4. High risk/denied party searches, including regular scrubs of the Office of Foreign Assets Control (OFAC) database, screens for politically exposed persons, terrorists, money launderers (or their "circle of trust") and global black lists to meet regulatory requirements.

"RiskTracker-ID/CIP is a revolutionary system that gives the financial industry an integrated single source solution for screening customers for fraud risk while satisfying the AML Customer Identification Program requirements," said Robert Cofod, president and chairman of BANKDetect. "Rapidly evolving regulations and international crime syndicates can produce an endless drain on money and time. By integrating functions within a single customer screening process we can improve efficiency and the drain on labor and also create a much more cost-effective service. While the anti-fraud part of the system increases value, the combined AML function reduces cost. We believe that the multiple stovepipe systems currently used to solve anti-fraud problems and AML compliance will eventually be replaced with fully integrated systems such as RiskTracker - ID/CIP in order to simplify processes and reduce costs."

The solution's AML/CIP risk assessment system permits the user to identify such risks as private banking, pass through accounts, resident/non-resident alien, foreign funds source, etc. It incorporates a North American Industrial Classification System (NAICS) search process to identify high, medium and low risk business types. Also included are searches of country files and Special Measures/Section 311 lists to identify individuals and/or funds from high-risk countries. Its Section 311 module identifies sources that have been identified by the U.S. Treasury Department as entities of Primary Money Laundering Concern.

BANKDetect's solutions are constantly evolving and its account analysis systems are currently able to detect more than a trillion different combinations of risk in a single transaction. Its clients', on average, experience returns on investment from these systems that are in excess of 30-to-1 in actual fraud losses prevented and improved analyst productivity.

About BANKDetect

BANKDetect, a division of FRAUDetect, LLC, is a privately held knowledge-based technology company based in Churchton, Md., just outside of Annapolis, Md. The company focuses solely on fraud and abuse prevention for the financial industry and develops and operates analytical systems using more than 30 years of experience drawn from the U.S. national and defense intelligence communities.

BANKDetect offers several products to prevent fraud: RiskTracker-A3 is an advanced transaction monitoring system that uses a broad spectrum of fraud detection functions to analyze daily demand deposits and identify high risk behavior; RiskTracker ID/CIP is a customer identification screening system and works with RiskTracker-A3 to detect abnormalities in application data and filter out fraudulent applicants before they open an account; RiskTracker Transit detects deposited items made against closed accounts and other causes of returned items; and RiskTracker-OFAC can be used online to check customer names and addresses against the most recent government databases.

For more information, contact BANKDetect at 5419 Deale Churchton Road, #205, Churchton, MD 20733-2404; call 410-867-8217 or visit the company's Web site at www.bankdetect.com.