Aithent Inc. has introduced an on-demand version of its monitoring and case management solution that the company claims can reduce the complexity of complying with the Bank Security Act and antimoney laundering rules while cutting the costs.
Aithent SAR Manager is being offered as an SaaS solution at $100 a month, or $1,000 for a year, regardless of the number of suspicious activity reports filed with FinCEN, the New York City-based company said.
The solution expands on tracking SAR reports by including the ability to provide a reason for filing the SAR as well as to aggregate, organize and analyze case information such as transaction records and notes, "ensuring regulators will understand why the SAR was submitted," the company said.
The new solution is designed to meet the needs of financial institutions now under regulator pressure to electronically file SAR reports.
"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," said N. Venu Gopal, Aithent's CEO.
Eight of the 16 organizations currently using Aithent's fraud and financial crime management and control solutions on the company's client list are credit unions, the company said.