BSA/AML transaction monitoring software tool for SAR and CTR
When the data is put into Spear Scout, an algorithm runs 4 times per day that aggregates the transactions by customer and by account. Suspicious activity is flagged.
Detection & Flagging
We detect transactions that total more than $10K in a 24-hour period, which trigger the generation of a CTR.
A Currency Transaction Report (CTR) is a FinCEN requirement when currency transactions in aggregate total $10K or more in a 24-hour period. Aggregating solves the problem of customers structuring deposit to attempt avoiding reporting.
All other flagged activity in Spear Scout results in a Suspicious Activity Report (SAR). Our algorithm generates a SAR based on large aggregates of currency transactions over a slightly longer than 24-hour period to catch people spreading out activity beyond the CTR thresholds.
Spear Scout captures financial transaction information such as customer ID, account ID, transaction type, date and amount of transaction.
However, the system is able to capture any data associated with a transaction including wire transfer transactions.
How does the CTR and SAR reporting work?
- When a CTR or SAR is required, users will find them in their CTR/SAR queue.
- Clicking a CTR or SAR takes the user to a form allowing them to fill in additional information regarding the customer and the activity.
- After filling in the appropriate fields, customers can download file to submit directly through the BSA filing system located at: https://bsaefiling.fincen.treas.gov/main.html
- These reports are complicated, verbose and complex. Our customers will save a lot of time and hassle by having these formatted properly and ready to be submitted to the BSA e-file system.
Серверы по всему миру
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