National Bank of Canada is implementing anti-money laundering and fraud detection technology from New York-based Gifts Software.
The bank is installing the GiftsWeb Enhanced Due Diligence Anti-Money Laundering & OFAC solution in order to comply with US Bank Secrecy Act (BSA) and Patriot Act regulations.
The package comprises of an OFAC module which screens customers against the US Treasury's Office of Foreign Asset Control's (OFAC) lists of known or suspected terrorists. A BSA Inquiry application allows users to perform online inquiries against a database of completed transactions.
Additionally, a Transaction Profiler module can be used to create profiles to filter both customer and transaction data while Transaction Patterning creates transaction pattern profiles for each customer.