PCS has partnered with NetEconomy to offer the AML Compliance Manager which covers the complete range of anti-money laundering (AML) processes and compliance practices—providing one fully-integrated solution for your financial institution. Its intelligent and systematic approach assists banks in complying with the Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC), Financial Crimes Enforcement Network (FinCEN), and USA PATRIOT Act.
NetEconomy imports data from Vision. The process of monitoring, investigating, and reporting suspicious activities with NetEconomy can be categorized into four simple steps:
- Alert - NetEconomy monitors all customer and account data and OFAC/other watch lists, delivering accurate, prioritized alerts directly to your desktop.
- Investigate - NetEconomy offers a user-friendly, data rich environment that speeds investigation with its advanced drill-down tools, including link analysis and visualization capabilities.
- Track - NetEconomy streamlines workflow and regulatory processes from start to finish with its built-in case management system designed to track, prioritize, and manage suspicious cases.
- Report - NetEconomy generates a variety of required reports including suspicious activity reports (SARs), currency transaction reports (CTRs), or management reports, and it maintains an audit trail for regulator review.
NetEconomy knows:
- Customer/Account Behavior: Wire activity and cash activity within a period
- Peer Group Behavior: Wire activity of the same age group of the customer
- Network Analysis: Other accounts which this account interacts with
- List Checking: If a customer appears on a black list
- Risk Scoring: Whether the customer is flagged for a crime type or as close monitoring
- Related Information: Which alerts, cases, and reports relate to the account or customer
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