Banco do Brasil is installing fraud detection and anti-money laundering technology from Gifts Software at its New York office.
The bank will use the Giftsweb Enhanced Due Diligence (EDD) package 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 screens customers against the US Treasury's Office of Foreign Asset Control's lists of known or suspected terrorists.
The Transaction Profiler module creates profiles to filter both transactional and customer data and a Transaction Patterning system develops transaction pattern profiles for each customer account. The product also features a CIP module to help clients comply with Section 326 of the USA Patriot Act, which addresses customer identification requirements.