Global Compliance Systems

Los Angeles, CA

What: Automated compliance system, supporting the special needs of cash based money remitters. Performs KYC, CDD, EDD, Sanctions Processing, AML, CTF, Fraud, and Structuring in milliseconds for real-time point-of-sale prevention of inappropriate transactions. Also provides reports and Case Management, including automated SAR & CTR selection, generation, and filing. Why: As CTO of a leading money transmitter, Dr. Tomlinson searched for software to handle compliance. Although many vendors claimed they could do it, their systems targeted banks. Banks ask for ID’s first. MSB’s work with messy names and addresses, busy tellers, long lines. Expensive modifications to bank systems or in-house development were the options. GCS solves the problem for cash based money remitters of all sizes confronted with demands from regulators, such as New York Part §504. When: Software available now for configuration to your needs. Where: System resides in the cloud. Transaction data is sent to GCS via an API (for real-time monitoring and alerts) or via FTP/web upload (for overnight/batch processing). How: Sophisticated algorithms match customers and assign them unique ID numbers. Business rules and Artificial Intelligence alert for CDD, EDD, AML, Fraud, structuring and other criminal typologies. Natural Language system generates relevant and succinct narrative for SARs. Case management allows documenting of all cases regardless of outcome. Cases and alerts can be quickly reviewed and processed. Summary: GCS is a new company in the new field of RegTech. GCS makes compliance significantly less expensive for MSB’s of all sizes. It’s easy to integrate into current processes (both automated and manual). It will catch inappropriate transactions (structuring, smurfing, tellers, or locations). GSC will help satisfy significant legal obligations and avoid painful audit findings.