Anywhere Compliance extracts payor, payee, bank and amount data from checks, then creates data files for compliance checking in the areas of OFAC, BSA/AML, Reg CC, UCC and KYC.
Checks, money orders and other paper-originated payments have traditionally been running “under the radar” of compliance and regulatory scrutiny. Before Anywhere Compliance, technology was not available to extract check payment fields. Now that the data can be obtained, financial institutions, corporate clients and other organizations can run this payer and payee information against OFAC sanction list screening and AML/BSA transaction monitoring. Ideally, these payments should be handled like electronic payments such as wire transfers, ACH and SWIFT payments.
Anywhere Compliance is comprised of the following components:
- Payee & Payor recognition for data extraction
- Owhere Perfector: Used for Payer, Payee, Amount, MICR, Bank, Date, Endorsement, Memo field completion
- Minimize risk of regulatory fines
- Minimize risk of OFAC and AML fines
- Protect clients from OFAC violations and possibly offer expanded service
- Reduce probability of compliance audit by implement best practices on check payments
- Validate Reg CC policies
- Add additional data source for KYC and KYCC
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