BSA Customer Due Diligence System

   Identifying Suspicious Transaction Activity & Structuring for BSA/AML

The Centrix Customer Due Diligence System (CentrixCDD™) dramatically simplifies BSA compliance efforts by streamlining research, eliminating paper and providing the compliance staff with a comprehensive, yet simple tool to manage BSA related research.  Designed for community banks, CentrixCDD™ is focused on three main challenges that often consume inordinate amounts of time.  They are:

·         Transaction Aggregation:  Consolidating a customer's historical transaction activity for the past 6 or 12 months into a single screen snapshot that makes sense.

·         Cross Application/Relationship Lookup:  Identifying other accounts within the institution in which a customer is an owner or signer.

·         Customer Risk Identification:  Identifying customers who have had unusual transaction activity in reference to historical account patterns.

Additionally, CentrixCDD™ provides tools for tracking customers by risk level, monitoring money service businesses, cash intensive businesses and NBFIs, and identifying suspicious small cash activity that warrants further review.  Users can also enter contact and research notes to provide an audit trail for future reference making the system a one-stop tool for BSA related research.

CentrixCDD™ also records account research performed by your financial institution.  Whether it is SAR reporting history, law enforcement contacts, or specific transaction research, notes can be logged for each.  In the end, the system becomes a single repository of valuable customer information for BSA.

Transaction Aggregation

Using seamlessly integrated data from your core processing vendor and other 3rd party data sources, CentrixCDD™ extracts, consolidates and classifies each transaction into one of six categories (cash, check, ACH, wire, ATM and other).  In and Out totals for each category are stored for a revolving 12 month period and can be viewed as either a dollar amount or a percentage of the total.  Transaction history can be stored for over 5 years.

Cross Application/Relationship Lookup

Knowing the relationships between your accounts is sometimes difficult especially when it comes to related owners and signers.  CentrixCDD™ performs a related account lookup throughout your entire database looking for related owners, signers, addresses, phone numbers, and tax identification numbers.  In a single click of a button, you can see the relationship a single account has with your entire account database.

Customer Risk Identification

Although BSA requires it, financial institutions examining their entire account base for suspicious activity find it very challenging.  Although it's relatively straight forward to monitor those customers that have already been identified as high risk, it is much more difficult to get a complete, yet concise snapshot of other customers' activity that have yet to appear on any suspect reports.  Using historical transaction information, the CentrixCDD™ system monitors each account in your database and notifies you when any account has gone outside their normal transaction activity. 

Reporting

Accurate reporting is critical to BSA compliance efforts, and CentrixCDD™ includes numerous reporting options that simplify this effort. 

To discuss CentrixCDD™ in more detail or receive additional information, contact us via email at info@centrixsolutions.com or call 402.488.3990.