Financial Crime Control

Fraud comes in many forms. It can originate internally or externally, involve employees and customers, and range from local criminals to sophisticated international fraud rings. Industry reports and government analysis agree—fraud at financial institutions is pervasive and rapidly growing.

As your transaction volume increases, fraud becomes more and more difficult to monitor. Every customer, every employee, and every transaction represent potential exposure. You must look for stolen identity, check kiting, insider collusion, ACH fraud, ATM fraud, attacks on your cash management system, and much more. The potential for fraud is seemingly endless, and without an appropriate fraud prevention program in place, your reputation and your bottom line are at increasing risk.

Wiz Sentri: Financial Crime Control enables you to prevent fraud by examining all activity continuously and in real time. By comparing system activity and employee/customer behavior to profiles that the system builds, Wiz Sentri will detect all anomalous activity—including the precursors to the actual fraud—and send real-time alerts, allowing you to stop the fraud before it occurs.

Sharp increases in regulatory enforcement, including cease-and-desist orders and record fines, have made complying with Bank Secrecy Act (BSA) and USA PATRIOT Act regulations a top priority for all financial institutions.

The increasing sophistication of today's money launderers and government regulators demand a sophisticated response to avoid exposure. Any manual processes embedded within the steps of your anti-money laundering (AML) program will render it less efficient, less accurate, and ineffective.

Wiz Sentri: Financial Crime Control automates each facet of your Bank Secrecy Act/anti-money laundering compliance program, including suspicious activity detection, case investigation, SAR filing, and CIP/CDD/EDD processes. This eliminates time consuming, inefficient manual processes, increases the effectiveness of your program and staff, and significantly decreases your overall BSA/AML compliance risk.

Implementing a Know Your Customer/Customer Identification Program (KYC/CIP) is among the most basic tenets of Section 326 of the USA PATRIOT Act, and is required as part of your overall strategy for AML compliance.

A comprehensive KYC/CIP involves much more than just identifying customers; it requires the development of customer profiles and a true understanding of the expected scope of your customer relationships.

Keys to an effective KYC/CIP:

• Understanding your customer begins at the time of account opening during initial Customer Due Diligence (CDD). CDD risk scoring and risk rating enables the institution to understand the level of risk an applicant brings.



• Once you’ve developed an initial customer risk rating, ongoing CIP validation and account behavior profile assessments can be used to update the initial risk score and provide an ongoing risk assessment.



• It’s critical to establish a baseline for normal or expected activity patterns on an existing account. Activities outside of expected patterns of behavior will then trigger warnings of suspicious activity.

To help you meet the regulatory requirements and truly realize the operational benefits of a robust KYC/CIP program, we offer
Wiz Sentri: RiskID, our comprehensive CIP software solution, as well as
Wiz Sentri: Financial Crime Control, for ongoing monitoring of accounts and customer activity.

The Red Flag provisions of the Fair and Accurate Credit Transactions Act (FACTA) went into effect on November 1, 2008. These provisions are intended to help consumers fight the growing crime of identity theft. All financial institutions and other creditors with "covered accounts" including consumer loans and deposit accounts need to comply.

To meet these regulatory requirements, technology can help facilitate a rapid program deployment including program design, program documentation, customer identification, ongoing assessment, account monitoring, and reporting.

Through the use of a comprehensive CIP software solution, like Wiz Sentri: RiskID, existing BSA/AML tests can be easily leveraged to meet Red Flag requirements for detection, investigation, and reporting simultaneously. In addition to identity theft Red Flag detection, ongoing monitoring of accounts and employee activity can be facilitated through Wiz Sentri: Anti-Fraud. This system monitors all account and employee activity in real-time and provides automated alerts on ID theft activities such as account beneficiary, address, or name changes that may be of a suspicious nature.

Together, Wiz Sentri: RiskID and Wiz Sentri: Anti-Fraud combine to form our Wiz Sentri: Red Flags solution.