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iComply with International Regulations

For many years, the international community of nations has been developing programs to fight against terrorism and financial criminality. After the September 11th terrorist acts and the enactment of the Patriot Act, these efforts have intensified. To comply with the new regulations imposed by both international organizations and national authorities, the financial sector is under strict mandates to improve detection and tracking. Additionally, the new laws require a broader base of sector participants to implement Anti-Money Laundering (AML) policy and procedures. This above mentioned requirements for financial vendors is expanding the market for detection products.

Federal and international authorities periodically issues lists of individuals names, firms, countries and banks that need to be monitored. Any financial transaction concerning any of the above must be stopped and reported immediately. iComply is regularly updated to provide the highest level of identification. Therefore, iComply gives you the confidence and security that you are meeting your obligations.

Customer Identification/Know Your Customer

International legislation requires financial institutions to "determine whether a customer appears on any list of known or suspected terrorist organizations." Furthermore, it asks for "additional due diligence" for "Politically Exposed Persons." iComply integrates all of the world compliance lists:

1. Office of Foreign Assets Control : Specially Designated Nationals and Blocked Persons
2. Bureau of Export Administration : Denied Persons List
3. Office of the Superintendent of Financial Institutions: Blocked Persons
4. Office of the Superintendent of Financial Institutions : Blocked Entities
5. Foreign Terrorist Organizations
6. User : List of Blocked Persons
7. User : List of Allowed Persons
8. FBI : Hijackers List
9. FBI : Most Wanted List
10. FBI : Most Wanted Terrorist List
11. FBI : Seeking Information
12. FBI : Kidnapping and Missing Persons Investigations
13. FBI : Parental Kidnapping
14. FBI : Crime Alert
15. FBI : Monthly Fugitives
16. Interpol : Most Wanted
17. United Nations : Consolidated List of Terrorists
18. Modules that refer to countries
19. User : List of Blocked Countries
20. User : List of Allowed Countries
21. Office of Foreign Assets Control : Blocked Countries
22. Office of Defense Trade Controls Embargo List
23. Non Cooperative Countries and Territories

Combination of Technologies

iComply analyzes transactions, using a combination of technologies, to deliver a collaborative result that is significantly more accurate and unparalleled in the industry. The following technologies are used by iComply:

Flexible Fuzzy Logic
Fields Matching Algorithms
Phonetics Algorithms
Text Mining

Features and Benefits

Easy to Install (less than 20 minutes)
High accuracy and high detection rates
Significantly reduces false positives and false negatives
Detects similarity even if spelling of names is incorrect
Easy to integrate
Short response time
High scalability
Automatic update
Identifies suspicious transactions with greater accuracy
Reduces reliance on manual updating of models and cases
Custom models target areas where your business is most vulnerable
Provides flexibility to incorporate multiple data sources
Add rules dynamically and deploy multiple smart agents
Incremental learning (continuously adaptive solution

iComply Anti-Money Laundering Module

Money laundering is a diverse and often complex process. Money laundering involves three independent steps that occur simultaneously:

Placement - placing, through deposits or other means, unlawful proceeds into the financial system
Layering - separating proceeds of criminal activity from their origin through the use of layers of complex financial transactions
Integration - using additional transactions to create the appearance of legality through the purchase of assets

In developing iComply, Brighterion relied on the experience of renowned international money laundering experts. The result is distinct scenarios related to previous known money laundering cases. A scenario describes and characterizes a money laundering pattern by:

A list of players, each one with a specific role to play
A sequence of operations, all of which describe typical money laundering behavior
The scenarios can be easily updated and improved

How iComply Works

iComply triggers the scenarios concerned by any suspicious event
The related banking operations are automatically extracted from the bank's data bases
iComply confirms the identified scenarios as either suspicious or unsuspicious
The system exposes potential money laundering schemes

iComply Flexible Rules

Instead of writing classical rules with limited language and syntax, iComply is the pioneer in bringing to the fraud and anti-money laundering market the power of Fuzzy Logic that amplifies the power of human reasoning when dealing with anti-money laundering and fraud prevention.

iComply Flexible Business Rules is an object-oriented software that allow flexibility, personalization capabilities, rapid application configuration, modification and deployment. iComply Flexible Rule Builder provide an intuitive browser visual development environment for writing, editing and testing flexible business rule tools that can be used without any programming skills.

iComply provides generic scenarios that enable financial institutions to monitor in real-time:

Sporadic Account Activity
Large Dollar Reactivation of dormant accounts
No signer relationship
Similar Addresses - Similar signers
Organization goals
Deposit Mix
Use of multiple accounts
Transactions to areas of concern
Who is behind the charity?
Matching inflows and outflows
Transactions with no logical purpose
No logical connection
Demand for greater confidentiality
Foreign Customers
Multitude of account types
Speed of transactions
Volume of transactions
Anonymity of transactions
Compliance efforts of respondent bank(s)