For more information on the new NACHA IAT ACH Rules please see the link below.
FedACH® International ACH Transaction (IAT) Resource Center
http://www.frbservices.org/eventseducation/education/fedach_iat_resource_center.html
AML Compliance Consulting
AML Compliance consulting is nearly always tailored to the customers needs for varies reasons. One of the reasons is cost savings and the second is that when we assess governance we find gaps or weakness, but the governance program as a whole is certain intact as you would expect. So with that being said we are capable of providing top quality consulting solutions at a very competitive rate. We are a small company that carry’s very little overhead, but we have access to strong subject matter experts ranging from technical knowledgeable about industry leading software, Banking expertise, Regulatory expertise and even X regulators.
Examples of some of our services.
- AML, OFAC and KYC System Validations
- AML Risk Profile
- AML Risk Remediation
- Examination Preparation
- Examination Remediation
- False Positive Reduction for OFAC, AML and CDD cases
- Expertise in various technology’s E.G. Prime Compliance Suite, Norkom/Detica, Etc..
Please contact us for a free assessment. Often the Assessment alone will improve your awareness.
Please contact Arc Sales to make get more information Sales@ArcRiskandCompliance.com
The presence of Chinese Telegraphic Codes (CTC) or Chinese Commercial Code (CCC) in a SWIFT Message may subject your financial institution to significant OFAC risk. The CTC is a four-digit number used to encode Chinese names in SWIFT messages. Chinese Telegraphic Codes are common in transactions that originate from Mainland China, Hong Kong and Taiwan. These codes have been observed in Originator, Beneficiary and Instructions fields within SWIFT messages. Almost all OFAC screening programs are unable to detect an OFAC violation when the name is coded with CTC. Furthermore, regulators are currently evaluating banks to assure that sanctions violations with Chinese Telegraphic Codes are detected.
Idola’s Wei ("Protect" in Chinese) has been developed to mitigate this risk for your institution. Wei is designed to monitor, screen, reconcile, audit and generate reports on SWIFT messages that contain Chinese Telegraphic Codes. Wei’s design allows easy integration with your preferred OFAC solution. It is designed to intercept incoming SWIFT messages, automatically identify the Chinese Telegraphic Codes and translate them to English, before sending transactions for OFAC screening.
Please contact Arc Sales to make get more information Sales@ArcRiskandCompliance.com
