Anti-Money Laundering Software

Optima Compliance & Consulting Releases AML Compass-Executive Software



Solution allows banks to improve anti-money laundering, BSA controls
WESTON, Fla., Nov. 9, 2007 -- Fearing the wrath of regulators and shying away from situations where they lack control over the risks of money services businesses (MSBs), banks are now denying account services to money transmitters. To fill the gap, Optima Compliance & Consulting, Inc. (Optima, http://www.optimacompliance.com) is now offering a two-pronged solution that promises to forever change the relationship between banks and MSBs in the U.S.

Designed to address issues at the MSB and bank levels equally, Optima's AML Compass-Executive software actually offers two versions - one for banks and credit unions and one for MSBs - that together alleviate the banking crisis MSBs are experiencing in this country while allowing banks and credit unions to maneuver the regulatory minefield when providing account services to MSBs.

"Banks and credit unions need to properly assess and control the risks associated with MSB accounts, and our new solution gives them the ability to do that," stated Jorge Guerrero, Esq., CAMS, CEO of Optima. "MSBs are classified as high-risk clients and consequently require enhanced controls. With the AML Compass-Executive, banks and credit unions can easily document the steps they take concerning their MSB clients."

Those steps include performing pre-account due diligence, monitoring, risk classification and scoring of key MSB functions, and following up on pending or urgent matters. It is a robust solution that was created from inside the MSB industry, based on Optima's years of experience providing anti-money laundering and BSA compliance services to MSBs worldwide.

Separately, the two versions of the AML Compass-Executive automate most money laundering and Bank Secrecy Act (BSA) functions that apply to MSBs, including money transmitters. But together, the software suite creates a regulatory environment where compliance is both facilitated and easily verified by regulated financial institutions and their regulators.

At its core, AML Compass-Executive allows MSBs to monitor transactions, issue exception reports, analyze transactions, issue reports and maintain records. At the same time, it provides case management and regulated report filing while creating a paper trail of all functions navigated through the software.

"Optima Compliance & Consulting is pleased to offer this comprehensive solution to the banking and MSB industries," Guerrero stated. "We worked hard to design software that would protect banks and make it easier for them to offer a full range of account services to their MSB clients in the U.S. and globally."

About Optima Compliance & Consulting, Inc.

Optima Compliance & Consulting, Inc. is a leading anti-money laundering and BSA compliance service provider to U.S. and foreign banks, money transmitters and money services businesses. Optima's staff includes seasoned BSA/AML professionals considered leaders in their respective specialties. To learn more, visit Optima at http://www.optimacompliance.com.