Quick and Efficient Detection and Reporting of Suspicious Transactions
Increased regulatory scrutiny on transaction monitoring and greater transactional activity has led to a dramatic rise in the number of regulatory forms that financial institutions (FIs) are filing.
This avalanche of paperwork has compliance teams facing continuation of their manual processes or embracing automation to handle the paperwork volumes.
The NICE Actimize Suspicious Transaction Activity Reporting (STAR) solution provides a holistic view of customer risk by giving FIs the operational efficiency needed to handle the increase in form filing requirements. NICE Actimize STAR automates the filing of these forms and follows up on the form status. The solution addresses global form requirements and is the form of choice for FIs looking to streamline their transaction monitoring and form filing requirements.
- Centralize your view of risk with streamlined data and processes
- Automate processes for efficiency, improved narration and report quality
- Integrate e-filing to reduce cost with an out-of-the-box updated forms library
- Global regulatory coverage
Filing on Continuing Activity to Help with Criminal Investigations
Suspicious activity that continues over a period of time should be made known to law enforcement and the proper regulatory agencies. FinCEN guidelines say a report should be filed at least every 90 days. This practice will remind the FSO that it should continue to review the suspicious activity to determine whether other actions may be appropriate, such as terminate a relationship with the customer or employee.
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