New York-based Gifts Software has signed Bank of Tokyo-Mitsubishi, Philippine National Bank and South Carolina-based Conway National Bank to its Giftsweb Enhanced Due Diligence (EDD) fraud detection and anti-money laundering software.
The banks will install Giftsweb EDD across their US branches to comply with the know-your-customer (KYC) and anti-money laundering regulations of the USA Patriot Act.
The package comprises of a BSA Inquiry application which allows users to perform online inquiries against a database of completed transactions, while 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 Transaction Profiler module is used to create profiles to filter both customer and transaction data while a Transaction Patterning system creates behaviour profiles for each customer.