The
Bank Secrecy Act (BSA) requires financial
institutions to keep records and file reports on certain financial
transactions, now delegated to the Financial Crimes Enforcement
Network (FinCEN). Thousands of financial institutions are
currently subject to BSA reporting and record keeping requirements,
including banks, credit unions and thrifts. FlexTeller overcomes
the regulatory hurdles associated with currency reporting
by automating many of the required functions.
Real
time tracking of cash transactions. Unlike batch
reporting systems that require manual review, FlexTeller automates
cash tracking in real time to generate large currency reports
while the customer is present. FlexTeller cash tracking aggregates
across multiple branches for each business day to ensure the
financial institution is compliant with regulatory requirements.
Financial institutions have complete control over their use
of FlexTeller cash tracking, allowing customer service or
network traffic needs to be anticipated.
Purchases
of monetary instruments follow similar cash tracking functions,
reporting at BSA required thresholds. In addition, FlexTeller
electronic transactions eliminate the need to manually update
Monetary Instrument Logs, providing greater accuracy and opportunities
to cross check against OFAC watch lists.
Automated
management of large currency reporting. Teller workflow
is simplified through the use of automated data population
of FinCEN 104 forms. In addition to efficient form management,
data collection meets regulations for customer information,
limiting the potential for submitting incorrect reports. Administrative
functions allow exempt depositors and payroll accounts to
be identified to ensure tellers provide consistent customer
service.
Centralized
administration of large currency reporting enables
the BSA officer to review and edit all electronic documents
received from all branch locations. Depending on processing
needs, large currency reports are available for hardcopy print
or export for electronic filing to FinCEN. Electronic Monetary
Instrument Logs and a suite of management reports provide
full account and customer analysis to meet the expectations
of the most demanding bank examination.
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