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Our process is S.I.M.O.N

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The human part now takes the output of SIMON and together with your CIP/CDD and Risk Assessment, researches the Alert.  The assumption we take is that the activity is suspicious until proven otherwise.   If we cannot legitimize the activity we draft a Suspicious Activity Report (SAR) for you and send it to you for approval and filing. 

 

The second part of SIMON now takes over.  SIMON looks for trends and suspicious activity across all Financial Institutions we service, remember SIMON is a Financial Crimes monitoring service, we are looking for indicators of Fraud, Kiting, Phishing as well as Money Laundering and Terrorist Financing.  All our customers will be notified of new Financial Crime methods we discover and our plan to mitigate these risks together.  The computer can NOT protect you from all Financial Crime, but by working together we CAN significantly lower and mitigate most risks.

 

SIMON’s other benefits include automatic drafting of Currency Transaction Reports (CTR) for your customers you have not exempted, Suspicious Activity Reports (SAR), processing 314a requests, processing of Subpoena requests and responding to other government requests for information you receive that are transaction based.  We do not provide information directly, all requests results are drafted and provided to you for disposition. 

 

S I M O N allows you to stay compliant in a cost effective manner, and frees your resources to get on with the business of servicing your customers.

 

Ok, sounds impressive but, what is it?

 

SIMON is a merger of Artificial and Human Intelligence.  All financial institution transactions are filtered through multiple models of behavior.  The process begins and ends with your CIP/CDD and Risk Assessment processes.  Like all transaction based monitoring, the artificial portion of SIMON looks for Unexpected Behavior of your customers by testing for known and suspected methods of Financial Crimes (referred to as Red Flags) that you dictate.  We add other models that we feel are important.  These models are risk based, meaning we apply

tolerances based on your risk assessment. 

 

 

Systematic Investigative Monitoring and Observation Nodes