If auditors walked in to your remote deposit operations center and asked, “Do you know who’s actually using these scanners and where they are using them right now?” Would you be able to tell them? With the increasing regulatory focus on fraud and money laundering, perhaps it would be a good thing if you could.
While the regulations are very real, their guidance is often less concrete – essentially instructing banks to use their own best judgment on due diligence and monitoring. In other words, “We won’t give specific requirements, but if we ask what you’re doing to prevent money laundering, it’s up to you to satisfy us.”
At our customers’ request, we developed Advisor by Digital Check®, a geolocation system that tells you where any scanner is at any given time, and flags transactions that come from outside predefined borders and other parameters.
Advisor also includes a monitoring component, so you can check on the health and status of devices inside or outside your organization – for example, telling when it’s time for cleaning or maintenance.
To learn more about Advisor, visit our full product page.