Source: Gifts Software
Gifts Software, a leading provider of anti-money laundering, funds transfer, and e-banking solutions, announced today that Midwest Bank & Trust Company has selected the GIFTSWEB EDD Anti-Money Laundering solution.
The implementation of the GIFTSWEB EDD product will assist Midwest Bank & Trust Company with AML compliance regulations. GIFTSWEB EDD is comprised of the five following modules, each of which can be implemented separately or as a total solution:
- Subpoena/Inquiry Module - allows the user to perform real-time inquiries against a database of transactions and respond to regulators, subpoenas or internal inquiries.
- Profiler Module - Provides AML & terrorist financing detection scenarios and the ability to filter transactional or customer data for specific information such as PEPs, 314a, OFAC/SDN List, Sanction Lists, FSA, and NCCTs.
- Patterning Module - develops transaction pattern detection scenarios for each account or group of accounts allowing comparison of activity periodically to report unusual variances.
- OFAC/Sanction List Module - allows automated interdiction list filtering of transactional & customer data via real-time or file-based interface.
- CIP Module - scans new accounts in real-time or batch against any sanction list in order to comply with Section 326 of the USA PATRIOT Act.