Enhanced Compliance Solution (ECS) AML / BSA Monitoring
Ocean Systems Enhanced Compliance Solution (ECS) is a monitoring software system, designed to assist Financial Institutions with the compliance of the PATRIOT Act. ECS combines its Know Your Customer and Enhanced Due Diligence functionality with its robust monitoring of accounts to detect and document fraudulent and abnormal behavior.
ECS monitors transactions using both rules based and statistical based methods to detect abnormal trends and behavioral patterns. Simplicity of use is one of the key factors in the system’s design. Alerts can be easily managed, prioritized, and documented. A fully featured Case Management process allows for the grouping and filing of events on specific customers to facilitate special investigations and filing of SARs.
ECS monitors activity on the entire relationship between persons and accounts having entities in common and groups of clients. Persons can be related to clients and non-clients allowing the system to analyze and track suspicious transactions amongst persons that are not related to the same client
ECS is highly configurable and can be customized to fit the requirements of your BSA Policy. Alerts are generated when exceptions are detected and sent to individuals designated by your compliance procedures to handle the alert.
Prior to installation, expert banking consultants will carry out a pre-installation assessment of your data and will manage the implementation of the project.
You may also elect to have our experienced professionals perform an assessment of your financial institution’s compliance program or assist you with an on-going review and fine-tuning of your monitoring parameters and risk assignment of accounts.