Penleys Fast Watch integrates with Suspicious Activity Report (SAR) Form

USA Patriot Act compliance solution for financial institutions further simplifies the new accounting opening process and reduces costs.

DULUTH, GA (PRWEB) February 11, 2004 --Penley, Inc., the nation's leader in account integrity, today introduced new capabilities within the Fast Watch solution to integrate with the Treasury Department 's Suspicious Activity Report (SAR) form. Financial institutions are required to report potential violations of federal criminal law as well as suspicious transactions related to money laundering, financial terrorism and violations of the Bank Secrecy Act by filing a SAR form with their regulatory agency.

Fast Watch, the leading USA Patriot Act Section 326, 314(a) and OFAC compliance solution, allows financial institutions to consolidate new account opening procedures into one application. Institutions can verify identity of prospective customers, screen government lists, and store transactional data through Fast Watch. In addition, the solution enables financial institutions to integrate with other important systems such as ChexSystems reports, all three major credit bureau reports, detailed customers and employee search tools and now the SAR form.

Using Fast Watch, I can concentrate on understanding the potential violation and reporting quickly instead of focusing on the details of completing the actual SAR form. If we determine that there is a potential violation and need to complete a SAR form, I simply click on the 'Create SAR Report within the persons Fast Watch record. This will generate a form that pre-populates with the bank and individual information. We add supplementary details around our suspicions and click the submit button. A PDF of our SAR form is created and is ready for us to send to the government for further investigation. The SAR form integration within Fast Watch is very easy for us to use and makes the solution a very cost-effective and valuable tool for us," said Brenda Sonnek, Director of Internal Audit and Compliance, Voyager Bank in Mankato, Minnesota.

Our customers are the single most important aspect to our business, so it is vital that we can offer outstanding and comprehensive technology combined with the highest possible levels of service. Now that financial institutions are on the frontlines of stopping money laundering, financial terrorism and identity fraud, we feel it is important for Penley to help in these efforts," stated Bruce Lowthers, CEO of Penley. By integrating Fast Watch with other important processes, Fast Watch adds increased value for our customers while reducing implementation costs and simplifying the tasks during the new account opening process."

ABOUT PENLEY
Penley Inc., the nations leader in account integrity, offers easy-to-use technology solutions that provide financial institutions with comprehensive information that protects against fraud, offers business intelligence and increases operational efficiency. With more than 800 institutions implementing the solution, Penleys Fast Watch leads the market in providing complete USA Patriot Act Section 326, 314(a) and OFAC compliance as well as an extensive identity fraud prevention program. The company's advanced technology platform ensures the delivery of superior services as well as best-of-breed automation, security, and technology.

For more information or to take a test drive", visit www.penleyinc.com.
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