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.
Prior to installation, we will carry out a pre-installation assessment of your data sources and your BSA procedures. By virtue of its workflow technology, ECS may be deployed either centrally in the BSA Department, or across the branch network, so that account and relationship managers may participate as users and contributors of information.
ECS monitors transactions using both rules based and statistical based methods to detect abnormal trends and behavioral patterns. Monitoring is performed on transaction activity, expected activity, and behavioral analysis.
Activity is monitored 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.
When alerts are generated, they are automatically sent to individuals for review as designated by the BSA compliance procedures. 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.
