Software for Reporting Suspicious Financial Transactions

Project Overview

Enhancing Financial Security and Compliance

SOFTIC developed a comprehensive software solution to assist banking clients in meeting their reporting obligations to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This initiative aimed at facilitating the detection, prevention, and deterrence of money laundering and terrorist financing activities, while safeguarding personal information.

Challenges and SOFTIC’s Strategic Solutions

The primary challenge was to create a system capable of analyzing and reporting a wide range of financial transactions that could be indicative of suspicious activities. SOFTIC's strategy involved developing a software tool that could not only identify various types of transactions but also report them accurately and efficiently to FINTRAC.

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SOFTIC’s Key Contributions and Features

Suspicious Transaction Analysis: We enabled the software to identify and report transactions that are potentially linked to money laundering or terrorist financing, without any monetary threshold.
Large Cash Transaction Reporting: Our system automatically flags and reports transactions involving $10,000 or more in cash, or multiple cash amounts totaling $10,000 within 24 hours.
Large Virtual Currency Transaction Monitoring: The software tracks large transactions in virtual currency, equivalent to $10,000 or more, whether in a single transaction or cumulatively within 24 hours.
Electronic Funds Transfer Surveillance: SOFTIC’s solution identifies and reports electronic transfers of $10,000 or more that occur in or out of Canada, in a single transaction or within 24 hours.
Casino Disbursement Tracking: We incorporated the ability to report casino disbursements of $10,000 or more, over a single transaction or cumulatively within 24 hours.
Terrorist Property Reporting: The software is equipped to submit terrorist property reports immediately upon disclosure requirements under relevant laws.
Cross-Border Currency Reporting: Our solution facilitates the reporting of cross-border currency or monetary instrument transactions of $10,000 or more to FINTRAC, as required.
Voluntary Information Submission: The system allows for the voluntary reporting of suspicions related to money laundering or terrorist financing.

Impact and Success

SOFTIC's software has significantly contributed to enhancing the financial security and regulatory compliance of banking institutions. By automating the detection and reporting of various types of transactions, our solution has streamlined the process, making it more efficient and reliable. This innovation has not only assisted banks in fulfilling their legal obligations but has also played a crucial role in combating financial crimes. SOFTIC's commitment to developing advanced, secure, and user-friendly financial software has positioned us as a leader in financial technology solutions, contributing to a safer and more transparent financial environment.

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Technologies we use

With a wide spectrum of technologies and expertise, no task is a challenge.