ERAS Introduces New PATRIOT Act Compliance Solution
Product: iMonitor
Company: ERAS, LLP
ERAS, LLP, a provider of software systems and solutions to the financial services industry, recently began offering software to help financial institutions comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Obstruct Terrorism Act, aka the USA PATRIOT Act, a bill passed following the events of Sept. 11, 2001.
ERAS' solution is called iMonitor, and the company developed the product in response to the banking industry's concerns about staying in compliance with banking regulations, especially the USA PATRIOT Act.
iMonitor automates trends and activity in transactions. The product searches for transactional trends typically associated with activities such as check kiting, money laundering, out-of-sequence checks, cash structuring and unusually large dollar amounts.
The system creates profiles for each account based on transactional history; it also allows banks to design their own rules for tracking and searching suspicious activity.
iMonitor receives nightly updates from any account activity source, including but not limited to, deposits, withdrawals, automated clearing house (ACH) and ATM, and any account level data.
This detailed level of tracking data allows for a complete report of suspicious behavior and provides compliance officers with a clear picture of the suspicious activity.
"Financial institutions are facing increasingly harsh consequences for noncompliance with the USA PATRIOT Act and other critical compliance regulations such as the Bank Secrecy Act (BSA)," said Carlos Rodriguez, Jr., Executive Vice President, ERAS.
"iMonitor not only offers financial institutions a practical and affordable answer to increasing regulations, but it also allows the user to really understand, manage and investigate what is effortlessly monitored and reported by the system."
For the text of the USA PATRIOT Act (HR 3162) visit http://frwebgate.access.gpo.gov/cgibin/getdoc.cgi?dbname=107_cong_bills&docid=f:h3162enr.txt.pdf
ERAS, LLC
13501 SW 128 St.
Miami, FL 33186
305-255-1452 x8250
www.erasjv.com
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