Attus Technologies, a leader in automated compliance solutions, has expanded the risk detection capabilities of its web-based WatchDOG Wire software.
Financial institutions will benefit from WatchDOG Wire's increased data capture features and additional Anti-Money Laundering (AML) report options.
WatchDOG(R) Wire's latest upgrade adds data fields that help a financial institution capture and manage key risk indicators within its wire process. Designated fields capture the originator and beneficiary country which then enables an automated scan of OFAC's Sanctioned Countries list. In addition, financial institutions will have the option to categorize their wires and produce reports based on user-defined BSA Risk Codes.
"The product is quite robust. It allows users to tag wire transfers initiated by either a non customer, a Payable Upon Proper Identification (PUPID) transaction or an entity designated by the bank as high risk," said Tom Fedell, President and CEO of ATTUS.
WatchDOG Wire provides financial institutions an alternative to time consuming and inefficient manual methods for complying with the Bank Secrecy Act's record retention and retrieval requirements. The solution helps financial institutions satisfy the BSA requirements for tracking funds transfers of $3000 or more through its AML report capabilities. Clients can also track and monitor wires designated as high risk, their wire frequency and transaction amount over or between certain amounts and the wire funds velocity over a specified period of time.
ATTUS' WatchDOG Wire has always included a strong risk management component. However, today's enhancements provide even greater protection against one of the leading challenges that financial institutions face within their wire transfer process -- fraudulent activity associated with money laundering, identity theft and other criminal behavior.
According to the Federal Trade Commission (FTC), an estimated 9 million Americans will have their identity stolen this year and the data from the FTC's most recent survey showed the percentage of fraud complaints associated with wire transfers more than tripled over the three year period studied. Considering these facts and feedback from its clients, ATTUS' development team set out to broaden WatchDOG Wire's ability to protect financial institutions and their customers from becoming victims of wire fraud.
"When ATTUS introduced WatchDOG Wire, we helped financial institutions save significant costs by streamlining wire transfers through this automated process. Now with these risk detection enhancements, this product combines the highest level of automation and risk prevention available for wire transfers on the market today," concluded Fedell.