Tex. Firm Offers Software to Help Banks Detect Money Laundering
Henry, Shannon, American Banker
Bankers can automate their wire transfer record keeping with a new product from Dallas-based Atchley Systems Inc.
Comply/Wire is designed to help banks comply with anti-money-laundering laws. The system keeps track of all funds transfers, making it easy for banks to access information.
The software can also help analyze transactions. For example, a banker can call up all transfers Over a certain amount, to a certain country, or by a certain person or group.
Jim Atchley, president and owner of the company, said the sheer number of transfers in the industry - an estimated two billion every day - necessitates automation.
Program Spots Patterns
The software, which Mr. Atchley said is the first of its kind, can also' show patterns of illegal activity by analyzing transactions. For example; a banker might find that a customer repeatedly makes large cash deposits just before wiring a lot of money to a bank in the Cayman Islands.
Regulators are starting to look to banks to point out those patterns, he said. "They want banks to help detect where criminal activity is occurring, rather than just keeping records," he said.
Comply/Wire initially costs $25,000, and then $3,000 a year for maintenance, which includes regulatory updates and telephone support. …