Product News: Software
Anti-Fraud Software incorporates FinCEN SAR e-Filing abilities.
Press Release Summary:
May 29, 2014 - Intellinx Enterprise Alert and Case Manager (ECM) v5.1 includes management of Suspicious Activity Reports (SARs) e-Filing acknowledgments from Financial Crimes Enforcement Network (FinCEN). In addition to automatic acknowledgment from FinCEN, solution automates full SAR filing process, is pre-configured to comply with FinCEN regulations, features dynamic link analysis, and can be adapted to any other national financial regulatory authorityÂ as well asÂ each organization's unique workflows.
Original Press Release
Intellinx Releases Enterprise Alert and Case Manager 5.1 Providing Acknowledgment Management with FinCEN SAR e-Filing
Press release date: May 20, 2014
ENGLEWOOD CLIFFS, New Jersey -- Intellinx Ltd., the innovative leader in enterprise fraud management announced today the release of the Intellinx Enterprise Alert and Case Manager (ECM) version 5.1. This latest version includes management of Suspicious Activity Reports (SAR) e-Filing acknowledgments from the Financial Crimes Enforcement Network (FinCEN). This new capability enables compliance officers and fraud investigators to manage FinCEN acknowledgements automatically as part of the SAR workflow within ECM, thereby reducing companies' liability and avoiding fines related to incomplete or untimely filing of SARs. Implemented at dozens of financial institutions, including two of the largest US banks, Intellinx ECM currently manages thousands of SARs per month.
In addition to automatic acknowledgment from FinCEN, Intellinx ECM automates the full SAR filing process including identifying the need to file a SAR, pre-populating SARs from different data sources, e-filing, notifying case managers and investigators of the SAR status and next steps. ECM also includes full reporting on SAR processing to increase overall efficiency and productivity of everyone involved with managing SARs.
SAR filing regulations are demanding more resources from financial institutions each year, and incomplete or untimely filings are exposing them to increased risk. According to the latest SAR Activity Report [http://www.fincen.gov/news_room/rp/files/btn18/sar_by_numb_18.pdf , over 1.5 million reports were filed during the calendar year 2012 and filings for depository institutions increased 8% compared to the previous year. Most medium-sized banks file between 50 - 100 reports per month, while larger banks may file over 1,000 reports per month.
Intellinx ECM comes pre-configured to comply with FinCEN regulations, and also has the flexibility to be adapted to any other national financial regulatory authority and each organization's unique workflows. The dynamic link analysis feature creates relationships between events and people to identify trends and uncover potential collaborators and rings. ECM is fully integrated into Intellinx's anti-fraud suite offering unique patented user behavior profiling, highly effective for detecting and preventing both internal and external fraud and data theft.
"Our e-filing management system now also includes automatic acknowledgment, enabling enterprises to respond quickly and effectively to fraud attempts", said Boaz Krelbaum, Intellinx Co-founder, CTO and US General Manager. "Intellinx provides various anti-fraud and compliance solutions on one unified platform to keep our customers' total cost of ownership exceptionally low, while enabling them to keep their productivity and level of compliance high."
About Intellinx Ltd.
Intellinx Ltd., the innovative leader in enterprise fraud management, protects organizations from internal and external fraud and data theft. The Intellinx anti-fraud suite provides a rich set of solutions on one unified platform including enterprise alert and case management, employee fraud, web fraud, check fraud and others. Intellinx's patented agent-less technology captures application data directly from the network providing a detailed forensic audit trail with unparalleled visibility into user activity with no overhead. By applying powerful analytics based on behavior profiling Intellinx detects and stops suspicious behavior in real time. Intellinx enables seamless compliance with government regulations (including PCI, GLBA, FACTA Red-Flags, Sarbanes-Oxley, Basel II and AML). Recognized by a leading analyst firm as the number one supplier of internal fraud protection, with the simplest deployment, Intellinx serves over 150 large and medium sized financial, healthcare, government and telecom organizations worldwide including ten of the largest fifty banks. For more information, please visit http://www.intellinx-sw.com .