Community Bank Passes Compliance Audit with BANKDetect AML Solution; RiskTracker-AML(TM) Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT) Analysis Prove Compliant in External Evaluation.ORLANDO, Fla. -- BANKDetect, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a privately held knowledge-based technology company that focuses solely on fraud prevention and Anti-Money Laundering/Counter Terrorism Financing compliance for financial industries, announced at the Bank Administration Institute (BAI n. 1. a language spoken in the Dali region of Yunnan. Noun 1. Bai - the Tibeto-Burman language spoken in the Dali region of Yunnan Baic ) Combating Payments & Check Fraud Conference that a $6.5 billion community bank customer received a very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. review from Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ) examiners on the bank's Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. compliance program. The bank uses BANKDetect's RiskTracker-AML(TM) solution. "This has been a consistent story for us; the true value of a compliance solution shows through in the auditing process," said Bob Cofod, president and chairman of BANKDetect. "RiskTracker-AML offers the compliance analysis and loss prevention screening our clients can rely on. Its quality is reinforced by successful audits such as this. I think that much of this type of success is the result of our clients working closely with us so that each system is married as closely as possible to their daily operations. This gives us invaluable feedback to allow the continual refinement of all our products and services" RiskTracker-AML is a cost effective transaction monitoring system that identifies money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. risk and other suspicious activity. The solution, which can be customized for individual bank needs, is designed to analyze virtually any type of transaction for which data can be provided for compliance. It uses an array of "RiskIndicator" analysis modules that can perform a wide variety of independent or interrelated in·ter·re·late tr. & intr.v. in·ter·re·lat·ed, in·ter·re·lat·ing, in·ter·re·lates To place in or come into mutual relationship. in analyses, ranging from pattern detection to trend analysis and individual transaction assessment. About BANKDetect BANKDetect 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 (Account Activity Analysis) 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(TM) is a customer identification screening system and works with RiskTracker-A3 and RiskTracker-AML(TM) to detect abnormalities in application data and filter out fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. applicants before they open an account; RiskTracker-Transit(TM) detects deposited items made against closed accounts and other causes of returned items; RiskTracker-OFAC(TM) can be used online to check customer names and addresses against the most recent government databases; and, RiskTracker-AML(TM) is an advanced transaction monitoring system that uses a broad spectrum of detection functions to identify money laundering behavior. 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. |
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