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News VOLUNTEER
CORPORATE CREDIT UNION SELECTS GIFTS SOFTWARE'S "GIFTSWEB EDD"
ANTI-MONEY LAUNDERING SOLUTION June, 2008 New York, NY
GIFTS Software, a leading provider of funds transfer, e-banking
and anti-money laundering solutions, announced today that Volunteer
Corporate Credit Union (VolCorp) has selected the "GIFTSWEB
EDD" anti-money laundering solution. The implementation of the GIFTSWEB EDD solution will assist Volunteer Corporate Credit Union in addressing BSA / AML compliance regulations as required by the USA Patriot Act. Volunteer Corporate Credit Union is implementing the following GIFTSWEB EDD modules: GIFTSWEB EDD is comprised of the five following modules, each of which can be implemented separately or as a total solution: - Subpoena/Inquiry Module - allows the user to perform real-time inquiries against a database of transactions and respond to regulators, subpoenas or internal inquiries. - Profiler Module - Provides a library of AML & terrorist financing detection scenarios and the ability to filter transactional or customer data against various lists, such as PEP, FinCEN 314a, OFAC, and internal lists. - Patterning Module - develops transaction pattern detection scenarios for each account or group of accounts allowing comparison of activity periodically to report unusual variances. - EDD Case Management - integrated case management with configurable workflow assists clients to document investigative processes & file regulatory forms electronically. Volunteer Corporate Credit Union is a federally insured, state-chartered corporate credit union with a national field of membership. Credit Unions throughout the United States are eligible for membership. VolCorp was created by a Special Act of the State Legislature in April, 1981. Membership is limited to credit unions and organizations of credit unions. VolCorp is a member of the Corporate Credit Union Network composed of 27 Corporates across the country and US Central. At the end of 2007, VolCorp had assets of over $1.2 billion and 273 member credit unions.
Other News BANK
OF THE WEST SELECTS GIFTS SOFTWARE'S "GIFTSWEB EDD"
ANTI-MONEY LAUNDERING SOLUTION May 2, 2008 New York, NY GIFTS
Software, a leading provider of funds transfer, e-banking and
anti-money laundering solutions, announced today that Bank of
the West has selected the GIFTSWEB EDD anti-money laundering solution. The implementation of the GIFTSWEB EDD Profiler module will assist Bank of the West in meeting BSA/AML transaction monitoring requirements as required by the USA Patriot Act. GIFTSWEB EDD is comprised of the five following modules, each of which can be implemented separately or as a total solution: - Subpoena/Inquiry Module - allows the user to perform real-time inquires against a database of transactions and respond to regulators, subpoenas or internal inquiries. - Profiler Module - Provides AML & terrorist financing detection scenarios developed over the past seven years. Also provides the ability to filter transactional or customer data against various lists, such as PEP, FinCEN 314a, OFAC, and internal lists. - Patterning Module - develop transaction pattern detection scenarios for each account or group of accounts allowing comparison of current activity to an historical baseline to report unusal variances. - OFAC/Sanction List Module - allows automated interdiction list filtering of transactional & customer data via real-time, API or file-based interface. - CIP Module (US Only) - scan new accounts in real-time or batch against any sanction list in order to comply with Section 326 of the USA PATRIOT Act. Bank of the West, with $62 billion in assets, operates more than 700 branch banking and commercial office locations in 19 Western and Midwestern states and is among the 25 largest commercial banks in the U.S. Bank of the West's holding company BancWest Corporation is a subsidiary of BNP Paribas, a global financial institution with assets of $2.4 trillion.
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