Software Solutions For Stopping Bank Fraud & Money Laundering

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Software Solutions For Stopping Bank Fraud
Money Laundering
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A Global Problem With An Online Solution
Bank fraud and money laundering are serious
problems that financial institutions have legal
and moral responsibilities to help
curtail. According to the American Bankers
Association, fraud against deposit accounts cost
1.74 billion in 2012. And thats just in the
United States. Government agencies also say that
about 3.7 percent of the worlds GDP, or 1.6
trillion is laundered each year. Laundered money
evades taxes and often supports illegal and
destructive activity like international terrorism
and the drug and sex-trafficking trades.
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Stopping Fraud, Staying In Compliance
Financial institutions have a strong monetary
incentive to prevent bank fraud, as it impacts
their bottom line and they also have certain
legal responsibilities as well. With regard to
money laundering, the Bank Secrecy Act places
much of the responsibility for curtailing money
laundering on banks and financial institutions.
Strong BCS/AMA software is critical to stopping
bank fraud and money laundering.
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AML/BCS Solutions

• Ocean Systems has a powerful suite of anti-money
  laundering and compliance software to help
  financial institutions stop fraud and money
  laundering in their tracks and ensure compliance
  with the law.
• The system profiles accounts by using information
  gathered from
• Know Your Customer data
• Enhanced Due Diligence data

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Introducing RETINA

• RETINA is Ocean Systems fraud prevention module.
  In real time, Retina helps monitor
• Fedwires
• SWIFT
• ACH

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Added Protection

• Ocean Systems RETINA software provides added
  protection by using user profile and credential
  information in its monitoring protocol. This
  includes
• Token activation
• Password resets
• New user registrations
• IP changes

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Ocean Systems software can be easily embedded in
your banks BSA or Fraud Department or throughout
its network of branches, allowing relationship
managers to provide additional information. When
the system detects a concern, alerts are sent to
the individuals responsible for reviewing the
information. The systems case management
functionality facilitates the follow up and
documentation of incidents.
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About Ocean Systems, Inc.
Ocean Systems, Inc. develops electronic funds
transfer software for the financial industry. OSI
produces a number of software applications,
including FedLink, the OFAC EDD Server and the
Enhanced Compliance Solution to meet client needs
for transfer and compliance solutions.
Headquartered in Miami, Fla, OSI has been in
business since 1991 and its products are used in
more than 220 installations in the U.S., Europe,
Central America, South America and the Caribbean.
To learn more, visit www.oceansys.com