Anywhere Compliance
Traditionally, checks, money orders, and other negotiable instruments have operated "under the radar" of automated regulatory scrutiny. While electronic payments like ACH and Wire transfers are easily monitored, the lack of data extraction technology for paper-based payments created a significant gap in BSA/AML and OFAC compliance.
Anywhere Compliance closes this gap. Using advanced check recognition technologies, the solution extracts a range of field data from checks and other paper-originated negotiable payments including the payor, payee, bank, and amount fields. Financial institutions, corporate clients, and other organizations can leverage this data to run against OFAC sanction list screening and AML/BSA transaction monitoring systems that are either in-house, hosted at a service bureau, or on the cloud -- mitigating compliance risk in the areas of OFAC, BSA/AML, Reg CC, UCC and KYC.
Additionally, Anywhere Compliance enables these paper-originated payments and documents to be handled like electronic payments such as wire transfers, ACH and SWIFT payments! This is essential for check cashers and money services businesses (MSBs) which are required to perform OFAC checking on negotiable payments.
Product Enhancements
Beyond standard field recognition, OrboGraph utilizes specialized algorithms to automatically identify specific document types, including official checks, cashier’s checks, government/treasury checks, and U.S. Postal Money Orders.
This automated identification is a game-changer for Reg CC compliance. Under federal guidelines, these specific items require next-day funds availability, creating a complex challenge for financial institutions when automated fraud systems flag them as suspicious. Without precise document classification, banks are often forced into time-consuming manual reviews to override fraud holds and prevent regulatory violations.
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
Tangible Achievements:
- 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
- Ensure compliance to bank agreements with retail and commercial/treasury clients
