New Aithent SAR Manager Eliminates BSA/AML E-Filing Cost, Complexity Concerns
Washington, DC, August 27, 2010 --(PR.com)-- Leader in Fraud Control Introduces Simple-Yet-Certain On-demand Service
to Manage Suspicious Activity Reports, Ensure Compliance; Launches with 25% off Monthly Subscription Limited-time Offer
Aithent™ Inc. today announced Aithent SAR Manager™, a new on-demand service designed to save time and money as well as ensure regulatory compliance for financial institutions required to file Suspicious Activity Reports (SARs) during the International Association of Financial Crime Investigators, being held in Washington, DC.
Aithent SAR Manager is Software as a Service solution offered at a subscription of $100 a month, regardless of the number of reports filed. Those who sign-up for the service between August 23, and September 30, 2010 can realize a 25 percent savings off the monthly subscription for the first six months of service, which is planned to begin October 1, 2010. Organizations that prefer to pre-pay 12 months of service can realize further savings. A single annual payment for Aithent SAR Manager is $1,000.
This innovative approach wipes away any resistance to move from a paper-and-pencil-based system to the Web and a secure, highly intuitive, automated service that provides essential case management, eliminates errors and provides instant acknowledgment and a documented audit trail of the filing to make regulatory compliance certain.
“FinCEN helps safeguard our financial systems from abuse by promoting transparency in the U.S. and internationally. This is done, in part, by gathering and analyzing data on potential and actual illegal activities from banks and credit unions, and other institutions that deal with money transactions,” said N. Venu Gopal, Aithent’s CEO. “Since financial crimes like check, credit and debit card fraud, bogus loan applications and money laundering schemes have been, and will continue to be, on the rise, the federal government has been seeking to make the SAR an e-filing process. Aithent SAR Manager makes it easy for institutions hesitant to move from a paper-based method to a browser-based one. Aithent SAR Manager is secure and helps to realize savings in the process, with as much as a 50 percent reduction in time spent on each report, elimination of paper and certified mailing costs, among others.”
Aithent SAR Manager can allow reallocation of personnel to customer-facing activities. It will also let an institution deal easily and affordably with increasing pressure from regulators to move the SAR process online and provides an electronic audit trail. Regulators are pushing for e-filing so pertinent information about fraud or terrorism financing can get to law enforcement agencies as quickly as possible. FinCEN reports a paper-based filing takes 11 days to be processed while one filed electronically can result in information being distributed in just two days.
Perhaps more than productivity enhancements, financial institutions want and need a system that will improve compliance issues. Aithent SAR Manager presents a user with a simple-to-grasp series of screens that always include the latest requirements and helps the report to be complete and correct the first time by automatically eliminating errors. An automated stage-by-stage review and approval process ensures internal compliance. If there is a need to change the SAR at any stage, it can be done easily with Aithent SAR Manager, without a single sheet of paper wasted. SAR notification and filing dates are tracked using Aithent SAR Manager, allowing an institution to conform to the 30-day SAR filing regulation as well as FinCEN record-keeping requirements.
The storage and retrieval of a SAR and related incident information for five years is another feature of Aithent SAR Manager. So too is the ability to sort through and analyze the SAR data by geography, financial crime category and customer. This feature lets a bank or credit union gain a deeper understanding of its risk associated with suspicious activities, especially those that relate to the Bank Secrecy Act.
To start using Aithent SAR Manager go to www.aithent.com/sarmanager, complete the registration form and provide credit card information. There is no contract or termination fee to use Aithent SAR Manager. The service has been designed to be convenient to use or to stop after just a month.
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to Manage Suspicious Activity Reports, Ensure Compliance; Launches with 25% off Monthly Subscription Limited-time Offer
Aithent™ Inc. today announced Aithent SAR Manager™, a new on-demand service designed to save time and money as well as ensure regulatory compliance for financial institutions required to file Suspicious Activity Reports (SARs) during the International Association of Financial Crime Investigators, being held in Washington, DC.
Aithent SAR Manager is Software as a Service solution offered at a subscription of $100 a month, regardless of the number of reports filed. Those who sign-up for the service between August 23, and September 30, 2010 can realize a 25 percent savings off the monthly subscription for the first six months of service, which is planned to begin October 1, 2010. Organizations that prefer to pre-pay 12 months of service can realize further savings. A single annual payment for Aithent SAR Manager is $1,000.
This innovative approach wipes away any resistance to move from a paper-and-pencil-based system to the Web and a secure, highly intuitive, automated service that provides essential case management, eliminates errors and provides instant acknowledgment and a documented audit trail of the filing to make regulatory compliance certain.
“FinCEN helps safeguard our financial systems from abuse by promoting transparency in the U.S. and internationally. This is done, in part, by gathering and analyzing data on potential and actual illegal activities from banks and credit unions, and other institutions that deal with money transactions,” said N. Venu Gopal, Aithent’s CEO. “Since financial crimes like check, credit and debit card fraud, bogus loan applications and money laundering schemes have been, and will continue to be, on the rise, the federal government has been seeking to make the SAR an e-filing process. Aithent SAR Manager makes it easy for institutions hesitant to move from a paper-based method to a browser-based one. Aithent SAR Manager is secure and helps to realize savings in the process, with as much as a 50 percent reduction in time spent on each report, elimination of paper and certified mailing costs, among others.”
Aithent SAR Manager can allow reallocation of personnel to customer-facing activities. It will also let an institution deal easily and affordably with increasing pressure from regulators to move the SAR process online and provides an electronic audit trail. Regulators are pushing for e-filing so pertinent information about fraud or terrorism financing can get to law enforcement agencies as quickly as possible. FinCEN reports a paper-based filing takes 11 days to be processed while one filed electronically can result in information being distributed in just two days.
Perhaps more than productivity enhancements, financial institutions want and need a system that will improve compliance issues. Aithent SAR Manager presents a user with a simple-to-grasp series of screens that always include the latest requirements and helps the report to be complete and correct the first time by automatically eliminating errors. An automated stage-by-stage review and approval process ensures internal compliance. If there is a need to change the SAR at any stage, it can be done easily with Aithent SAR Manager, without a single sheet of paper wasted. SAR notification and filing dates are tracked using Aithent SAR Manager, allowing an institution to conform to the 30-day SAR filing regulation as well as FinCEN record-keeping requirements.
The storage and retrieval of a SAR and related incident information for five years is another feature of Aithent SAR Manager. So too is the ability to sort through and analyze the SAR data by geography, financial crime category and customer. This feature lets a bank or credit union gain a deeper understanding of its risk associated with suspicious activities, especially those that relate to the Bank Secrecy Act.
To start using Aithent SAR Manager go to www.aithent.com/sarmanager, complete the registration form and provide credit card information. There is no contract or termination fee to use Aithent SAR Manager. The service has been designed to be convenient to use or to stop after just a month.
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Contact
Aithent Inc.
Steve Hoechster (HEX-ster)
212-725-7646 ext 2200
www.aithent.com
Steve Hoechster (HEX-ster)
212-725-7646 ext 2200
www.aithent.com
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