Tracking the suspected
entities (persons or companies) involved in financial
transactions constitutes an obligation for both the private and
public sector. Therefore, black lists are issued by authorities
like the OFAC (Office of Foreign Assets Control) in the US, or
the European Commission in Europe. These lists are often linked
to local regulations and laws that enforce checking for all
financial transactions, and make reporting of list violations
mandatory upon detection. Non compliance to these rules can be
prosecuted and financial institutions can be fined.
Considering the importance of the
financial transaction flow running nowadays through the
institutions, checking all transactions against black lists
manually is impossible. On the other hand, legal pressure on
compliance officers to implement full checking and reporting has
been growing these last years.
EastNets en.SafeWatch, formerly known as ‘SIDE OFAC Multi-List’, allows
automated AML checking on the complete financial flow
(regardless of origin and transport).
Having years of experience in the AML
sector & more than 150 worldwide implementations of its OFAC
Multi-Lists, SIDE launches a new major and revolutionary release
of its AML product.
EastNets en.SAFEWATCH has now become the best
filtering application in the Anti-Money Laundering field. The
market will discover a completely redesigned application which
emphasizes even more on enterprise-wide features like auditing,
security management and reporting.
SafeWatch helps you to prevent the
emission and processing of data referring to Watch Lists. The
new enterprise server can simultaneously analyze a large variety
of sources: text files, real-time flows, SWIFT messages, MQ
Series, Databases... all detections are sent to a central
database, and users are notified automatically by e-mail.
The Central alert management allows the
compliance officers to check, investigate and act on all alerts
in one place, independently from the source connector, and
without any performance impact on your real-time financial
systems. All accesses to SafeWatch are strictly controlled by
the security administration, and all events are logged into the
system's audit trail.
Thanks to its modular structure, SIDE
SafeWatch can be packaged and priced for any type of client. The
solution can evolve in order to meet the Institution's need and
real usage. This leads to better performance and cost reduction.
It can be integrated in any existing enterprise applications or
STP flow, allowing them to perform real-time checks.
The fast SafeWatch checking engine
includes a rules interpreter allowing dynamic, context-based,
list selection. Hundreds of checks can be performed every
second. Thanks to the “Good Guy Lists” feature, the percentage
of false positive checks is reduced to less than 0.25 % (checked
at customer site).
The SafeWatch open database is at the
heart of the system, easily accessible for external
consultation. However, the application already provides the
integrated Station application, a friendly and intuitive
user interface giving access to the allowed information.
Standard reports are supplied and customized reports can be
The Watch Lists management is highly
configurable to always fit in your enterprise structure. The
application can manage an unlimited number of official or
internal lists with versioning, offline tests & comparison.
Thanks to its Format Manager, SafeWatch
can manage any type of list, including your own internal black
Moreover, the new Multi-Zones
management mechanism enables any international company, no
matter the complexity of its structure, to comply with the local
law of each of its subsidiaries with all the necessary security.
You can rely on the performance of the detection mechanism in
all geographical regions. EastNets AML products are present in more
than 55 countries in the world.
And just as before, you can subscribe
to our Official Watch Lists update service. As time is critical,
all new lists are automatically provided as soon as they are
updated by the authorities. The integration of the new lists is
done in just a few clicks. A report will show you all
modifications that occurred since the last version.
Key Architectural Points
- Relational Database
- Integrated client application
- Based on standards (TCP/IP, http,
Java, XML, …)
- Friendly user interface