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 identifying, tracking and regulating potentially suspicious or illegal
 activities in respect of money laundering and/or the proceeds of crime.


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MLTrac 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

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