ANTI MONEY LAUNDERING SYSTEMS
Tracking the suspected entities (persons or companies) involved in financial transactions constitutes an obligation for both the private and public sector. Therefore, black lists are issued by authorities like the OFAC (Office of Foreign Assets Control) in the US, or the European Commission in Europe. These lists are often linked to local regulations and laws that enforce checking for all financial transactions, and make reporting of list violations mandatory upon detection. Non compliance to these rules can be prosecuted and financial institutions can be fined.Considering the importance of the financial transaction flow running nowadays through the institutions, checking all transactions against black lists manually is impossible.
On the other hand, legal pressure on compliance officers to implement full checking and reporting has been growing these last years.en.SafeWatch Filtering, formerly known as €˜EastNets OFAC Multi-List€™, allows automated AML checking on the complete financial flow (regardless of origin and transport).
Having years of experience in the AML sector & more than 150 worldwide implementations of its OFAC Multi-Lists, EastNets launches a new major and revolutionary release of its AML product.en.SafeWatch Filtering has now become the best filtering application in the Anti-Money Laundering field. The market will discover a completely redesigned application which emphasizes even more on enterprise-wide features like auditing, security management and reporting.
en.SafeWatch Filtering helps you to prevent the emission and processing of data referring to Watch Lists. The new enterprise server can simultaneously analyze a large variety of sources: text files, real-time flows, SWIFT messages, MQ Series, Databases... all detections are sent to a central database, and users are notified automatically by e-mail
The Central alert management allows the compliance officers to check, investigate and act on all alerts in one place, independently from the source connector, and without any performance impact on your real-time financial systems. All accesses to en.SafeWatch Filtering are strictly controlled by the security administration, and all events are logged into the system's audit trail.
Thanks to its modular structure, en.SafeWatch Filtering can be packaged and priced for any type of client. The solution can evolve in order to meet the Institution's need and real usage. This leads to better performance and cost reduction. It can be integrated in any existing enterprise applications or STP flow, allowing them to perform real-time checks.
The fast en.SafeWatch Filtering checking engine includes a rules interpreter allowing dynamic, context-based, list selection. Hundreds of checks can be performed every second. Thanks to the "Good Guy Lists" feature, the percentage of false positive checks is reduced to less than 0.25 % (checked at customer site).
The en.SafeWatch Filtering open database is at the heart of the system, easily accessible for external consultation. However, the application already provides the integrated EastNetsStation application, a friendly and intuitive user interface giving access to the allowed information. Standard reports are supplied and customized reports can be provided additionally.
The Watch Lists management is highly configurable to always fit in your enterprise structure. The application can manage an unlimited number of official or internal lists with versioning, offline tests & comparison.Thanks to its Format Manager, en.SafeWatch Filtering can manage any type of list, including your own internal black lists.
And just as before, you can subscribe to our Official Watch Lists update service. As time is critical, all new lists are automatically provided as soon as they are updated by the authorities. The integration of the new lists is done in just a few clicks. A report will show you all modifications that occurred since the last version.
Key Architectural Points
Key Architectural Points
- Relational Database
- Integrated client application
- Based on standards (TCP/IP, http, Java, XML, €¦)
- Friendly user interface