| Easy to Install (less than 20 minutes) | Scan new account, ACH, wire transfers, FedLine, Databases and text documents | Easy to integrate | High accuracy and high detection rates | Low false negatives | Detects similarity even if spelling is not the same as in lists |
| Maintain government-mandated identity verification records for auditing and reporting purposes. | High scalability | Automatic Update |
Comply 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 AML policy and procedures. This background of requirements for financial vendors is expanding the market for detection products.
Federal and international authorities periodically issue lists of names of individuals, of firms, of countries, and of banks that need to be watched. Any financial transaction concerning those names has to be stopped and reported as soon as it appears. 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.
iComply Description
iComply helps financial institutions monitor all financial transactions and detect those that involve any entity or person subject to the International laws and regulations. iComply can be used in batch, helping to check all of the names in any database as well as in real time to check a new customer or any transaction that involves a person or entity who is not a known entity.
iComply helps financial institutions apply identity verification procedures when a person opens a new account. The term "person" is also defined in the law and includes individuals, corporations, partnerships, trusts, associations, etc. Keep in mind these definitions include not only the person opening an account, but also any signatory on an account, such as an authorized agent for a business entity.
For any transaction submitted to iComply, all of the alphanumeric fields are analyzed and compared to the names and identifiers listed by the authorities. For all fields of the transaction, iComply searches to see if they match with those on the lists. If a match is detected, an alert is sent to the user with all the relevant information and the transaction is stopped and logged.
iComply is designed to be operated in real time mode. It can also be used on a batch mode basis in order to scan a set of operations.
The user may create and update their own lists in addition to those already registered in iComply.
iComply lists are updated on a frequent and regular basis
iComply automatically updates financial institutions the next business day if any changes have been made by international organizations.
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 integrate all 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. Here are the 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
Benefits
- Easy to Install (less than 20 minutes)
- High accuracy and high detection rates
- Low false negatives
- Detects similarity even if spelling of names is incorrect
- Easy to integrate
- Short response time
- High scalability
- Automatic Update
Hardware Requirements
iComply support various transaction environments such as: