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) |
 |
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 |
