TITLE: Global Compliance Systems
CATEGORY: Compliance/KYC/AML/CTF
APPLICANT REPRESENTATIVE:
NAME: Stan | Tomlinson
LINKEDIN: http://www.linkedin.com/company/globalcompliancesystems
CITY: Stevenson Ranch
COUNTRY:United States
APPLICANT TYPE: Company
WEBSITE: http://www.globalcompliance.co/
MAIN DESCRIPTION:
FinCEN guidelines suggest specifying who, what, why, when, where, and how. GCS does just that.
Who:
Stan Tomlinson, Ph.D., Founder & CTO, MIT & UCSD, computer expert.
Santiago Calvo, Chief Compliance Officer, AML expert providing support to MSBs and other financial institutions for over 15 years.
What:
Automated compliance system, supporting the special needs of cash based money remitters. Performs KYC, CDD, EDD, Sanctions Processing, AML, CTF, Fraud, and Structuring in milliseconds for real-time point-of-sale prevention of inappropriate transactions. Also provides reports and Case Management, including automated SAR & CTR selection, generation, and filing.
Why:
As CTO of a leading money transmitter, Dr. Tomlinson searched for software to handle compliance. Although many vendors claimed they could do it, their systems targeted banks. Banks ask for IDs first. MSBs work with busy tellers and long lines that collect names and addresses imperfectly. Expensive modifications to bank systems or in-house development were the options. GCS economically solves the problem for cash based money remitters of all sizes confronted with demands from regulators, including New York §504.
When:
Software available now for configuration to your needs.
Where:
System resides in the cloud. Transaction data is sent to GCS via an API (for real-time monitoring and alerts) or via FTP/web upload (for overnight/batch processing).
How:
Sophisticated algorithms match customers and assign them unique ID numbers. Business rules and Artificial Intelligence alert for CDD, EDD, AML, Fraud, Structuring and other criminal typologies. Natural Language system generates relevant and succinct narrative for SARs. Case Management allows documenting of all cases regardless of outcome. Cases and Alerts can be quickly reviewed and processed.
MERITS:
We are a new company in the new field of RegTech. GCS makes compliance significantly less expensive for MSBs of all sizes. It’s easy to integrate into current processes (both automated and manual). It will catch inappropriate transactions (structuring, smurfing, tellers, or locations). GCS will help satisfy significant legal obligations and avoid painful audit findings at a reasonable cost.
SOLUTION IS LIVE? Yes
MORE INFORMATION:
