Fraud/AML Prevention

For Fraud Prevention the platform uses multiple strategies to ensure that Fraud is being prevented through-out the ACH pipeline. The following methods may apply based on the recipient of the wire:

• External Account Bank Funding Fraud (Optional): Based on the Product’s and the Product’s customer segment we can run the External Account credentials through Bank Funding Fraud which uses Early Warning System (EWS) for fraud detection.
• Real-Time ACH AML(Optional): On every Originated ACH we can run a real-time check for anti-money laundering and ensure that the recipient account has not moved to a sanction list since the last time the account was used.
• Transaction Monitoring (Batched): The platform provides a data lake extract for use in any transaction monitoring system, for offline AML checks. If the Bank’s Compliance teams detect an issue with a Transaction, they then will block the account for further transactions until the investigation is resolved.
• OFAC Check: Recipients can be run through an OFAC check to ensure they are not a Specially Designated National (SDN).