Suspicious Transaction Reporting Solution (STR)

The Prevention of Money laundering Act, 2002 and the Rules there under requires every reporting entity (banking company, financial institution and intermediaries) to furnish the following reports:

  • Cash Transaction Reports (CTRs)
  • Suspicious Transaction Reports (STRs)
  • Counterfeit Currency Reports (CCRs)
  • Non Profit Organisation Transaction reports (NTRs)

RCI’s Suspicious Transaction Reporting (STR) Solution Satisfy FIU-IND regulatory reporting for STR, CTR, CCR & NTR with key benefits:

  • Identify, track & monitor suspicious transaction.
  • Create STR, CTR, CCR & NTR Forms.
  • Archive documentary evidence for Suspicious transaction.
  • Electronically file STR, CTR, CCR & NTR to FIU-IND.
  • Track post filing activities & evidence for STR, CTR, CCR & NTR.

Challenge

Suspicious Transaction create the following challenges:

  • To identify transaction details that appear to be fraudulent, and the details of individuals conducting such transactions.
  • To document and track suspicious activity and if necessary file the STR report.
  • Review by financial investigators, management and attorneys prior to filing.
  • Identify, Track and Monitor the progress of Suspicious transaction report filing with FIU-IND.

Solution

Key Capabilities

  • Operates in Mission Critical & High Transaction Volume Environments.
  • Detects Fraudulent behavior early in the cycle and proactively discovers Fraud.
  • Leverage best practices fraudulent activity with pre-defined scenarios, workflow and reports.
  • Improve the quality of alerts and optimize the use of scarce resources.
  • Work flow Tools to manage identified cases.
  • Ensure compliance with security and risk polices.

RCI’s Suspicious Transaction Reporting (STR) provides sophisticated and extensible reporting capabilities to manage the SAR Filing process and Track your filings.

STR provides you with product to detect, investigate and better manage fraudulent activities whilst proactively reducing your exposure to fraud. This increases the efficiencies by optimizing the use of scarce detection and prevention (risk and security) resources.

Benefits

  • Avoidance of large penalties and fines for the company and it’s senior management.
  • Reduced business risk and greater financial predictability.
  • Comply with regulatory requirements.
  • Improved corporate transparency and increased shareholder confidence.

Features

 

Category Feature
Alert Manager View Alerts Generated
View Transaction History
Log Discovery Evidence
Convert Alert to Case
Watch List Screening OFAC – ALT
OFAC – SDN
OFAC – Add
FBI Crime Alert
FBI Kidnappings and Missing Persons List
FBI Unknown Robbers List
FBI Cyber Crime List
FBI Most Wanted Fugitives List
FBI Recently Televised Sexual Predators List
FBI Crime Against Children List
FBI War On Terrorism List
FBI Additional Violent Crimes List
FBI Domestic Terrorism List
FBI Parental Kidnapping List
FBI Seeking Information List
FBI Violent Crimes (Murder) List
FBI White Collar Crimes List
Central Intelligence Agency (CIA) Chief of State File
United States Marshals List
Department of Trade Controls Debarred Parties File
OCC Unauthorized Offshore Shell Banks Lists
Case Manager View Case Details
Evidence Archieve
E-file Create Batch
File STR, CTR, CCR & NTR
Integrated Responce from FIU-IND
Data Load Daily Customer Load
Daily Transaction Load
Other Compliance news
Customer Complaints
Memo & Notices
System Status
Administrative Rules
User Action Auditing

Agency Compliance

(1) Financial Intelligence Unit – India (FIU-IND)
http://fiuindia.gov.in/For FIU-IND compliance, data for use by the following will be generated: Cash Transaction Reports (CTRs)
Suspicious Transaction Reports (STRs)
Counterfeit Currency Reports (CCRs)
Non Profit Organisation Transaction reports (NTRs)
FIU-IND - Financial Intelligence Unit - India

Reports

Data Warehouse provides enhanced reporting. Key out of box report includes:

 

Title
Alerts in Progress
Overdue Alerts
Alerts Dismissed
STR In Progress
STR Generated
List of STR (Manual)
Predefined Rules
List of Insiders
Cash & Internet Txn. Alerts
ETL – Data Loaded
List by Transaction Type
List of Safe List Accounts
Forms Created for Case
Datewise Transaction Record Summary
List of Exempt Accounts
Title
Report Book
Create New Report Page
Draft/Presentation Reports
View / Copy / Edit Rule
Configure New Rule
Report Scheduler
Report Settings