Hitec and STB have been working together for some months to produce a tightly integrated complete solution for Financial and Economic Crime Compliance. The solution brings together Hitecâs leading edge DataStoreÂ® EDM solution, and STB's market leading AML system, STB-Detector.
As a part of a comprehensive Risk and Compliance solution, DataStoreÂ® and STB-Detector provide the perfect answer to a firms' AML procedures. A key part of the AML legislation globally is the importance of knowing your client in terms of identifying the person with whom you are transacting and the documenting of the information used to establish this.
The solution addresses the growing needs of financial institutions to better control and manage their risk exposure to Account Opening with inadequate or incomplete documentation, whilst maximising the ability to recall this data from storage as and when required, be that for internal management or external review.
The DataStoreÂ® product range consists of a full range of browser based Electronic Document Management elements, including data archival and retrieval, email archiving, document imaging and workflow. Most recently, Hitec announced the availability of CONFORM, which is designed to enable Compliance Departments to create, disseminate and audit the delivery of Statutory Compliance and Operating Procedures throughout an enterprise.
STB-Detector, STB's anti money laundering system, provides a comprehensive addition to the defences of any financial institution. The system has four modules:
Suspicious Activity Monitoring
Account Opening Due Diligence
Watch List Monitor
These modules provide extensive coverage of all the key areas of compliance a firm requires. Account movements can be checked against historical and peer group patterns, and against a variety of absolute and flexible thresholds. Account opening procedures are enhanced and documentation renewal reminders can be generated. Customer databases and payments may be checked against any number of internal and external sanctions lists.
As a result of the tight integration of DatastoreÂ® with STB-Detector, the entire set of documentation can be recalled within STB-Detector's suspicious activity (SAM) and Account Opening Due Diligence (AODD) modules should a suspicious transaction be identified. This information can include such items as scanned cheques, Letters of Credit, Driver Licencesâ, Passports or whatever else a firm might hold on the individual or corporation such as Letters of Incorporation.