News | - SwallowTech "SMART-AML" |
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SwallowTech "SMART-AML" Anti-Money Laundering SWIFT Gateway Plug-in Developments, London, 24th August 2005. Swallow Technology Limited a UK based supplier of SWIFT Accredited and other Financial Services Solutions is pleased to announce the latest development of its Anti-Money Laundering SWIFT Gateway Plug-in “SMART-AML”. Swallow Technology Limited PRESS RELEASE - 24th August 2005. SMART - AML, also known as CaratFAC it is a bi-directional online filter process for the dynamic and real-time detection of fraudulent and suspicious transactions. It is available as a plug-in for the SWIFT Alliance Access Interface. Fraudulent and suspicious business activities are major Regulatory, Operational Risk and Reputational Risk challenges facing all Financial Institutions. Compliance with many Regulations is mandatory and not optional. Businesses are expected to have competent know-your-customer procedures and are expected to be able to control and understand all transactions that enter and exit their organizations. The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. OFAC acts under US Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments. SMART - AML enables an organization to comply with OFAC monitoring Regulations and help mitigate against any potential OFAC violations. CaratFAC also enables you to monitor against other European Commission or other internal/external watch and control lists. Integration in SWIFT Alliance Access - SMART - AML is fully integrated in the SWIFT Alliance Access platform to provide accurate bi-directional OFAC filtering for all incoming and outgoing messages. An Alliance Development Kit Runtime License is also necessary for direct access to SWIFT Alliance Access. Updating Specially Designated National Lists - OFAC defines a blocked person or entity as a citizen of a blocked country or business owned and controlled by the government of a sanctioned country or territory. Specially Designated Nationals SDN’s are blocked Individuals and entities whatever their location. SDN’s can be blocked because OFAC has determined they are affiliated with a government of a sanctioned territory or are designated international narcotics traffickers or terrorists. OFAC source data is constantly changing, and other new lists become available on the market. SMART - AML provides for automatic updating of existing SDN databases without changing client specific data. SMART - AML also enables the integration of other proprietary lists (bad customers) to improve your control processes and your OFAC compliance.
Alternatively a file of suspicious transactions may be generated for processing by other company control systems. Search techniques utilized include: Word combinations, limits, value dates, correspondents and accounts with counterparties. The system considers synonyms, common words, punctuation, translations, prepositions, non-significant words, authorized names (excluded to avoid confusion with trusted SDN’s. SMART - AML will analyse and retrieve ll information pertinent to a possible match and minimize false positive detection rates. Configurable Detection Parameters - An optional fully customizable data dictionary covering message and field definitions and other parameters. Updates are provided when SWIFT standards change as part of the standard maintenance contract. Logging - Blocking messages will result in event logging in the SWIFT Alliance history of the message, which can be viewed through Alliance Routines. Operator routines through CaratFAC or directly on the database are also logged and can be reviewed. Reports - After each screening process the application returns comprehensive easy-to-read search results to the authorized user: reports trypes include: Suspect Transactions for a given period, Transaction Status (accepted, rejected, authorized), search and matching parameters (OFAC lists, In-house Watch Lists) Security & Maintenance - Carat FAC takes advantage of the SWIFT Alliance Access and Oracle Security features. The annual maintenance fee covers the availability of up-to-date security features. Addressing Your Needs - Summary For further information about the system please visit Swallow Technology at stand C290 at SIBOS in Copenhagen or contact SwallowTech via www.swallowtech.com Contacts : Steve Noulton, Global Strategy Director & Tony Waszkiewicz, Managing Director |