Allowing the financial companies to follow regulatory compliance required to file Suspicious Activity Reports (SARs), Aithent has introduced Aithent (News - Alert) SAR Manager, a new on-demand service.
A Suspicious Activity Report is a report about suspicious or potentially suspicious activity, filed with the Financial Crimes Enforcement Network (FinCEN), an agency of the United States Department of the Treasury.
Aithent created Aithent SAR Manager to help all kinds of financial institutions to deal with the rising tide of SARs easily and effectively. SARs must be filed in a timely manner with FinCEN, by banks, credit unions and other entities that handle money transactions. Regardless of the number of reports filed, Aithent SAR Manager is offered at a subscription of $100 a month.
“FinCEN helps safeguard our financial systems from abuse by promoting transparency in the U.S. and internationally. This is done, in part, by gathering and analyzing data on potential and actual illegal activities from banks and credit unions, and other institutions that deal with money transactions," said N. Venu Gopal, Aithent's CEO. "The federal government has been seeking to make the SAR an e-filing process.”
The first six months of service is planned to begin October 1, 2010 and those who sign-up for the service between August 23, and September 30, 2010 can realize a 25 percent savings off the monthly subscription. This innovative approach wipes away any resistance to move from a paper-and-pencil-based system to the Web, states the company. Aithent SAR Manager also provides the storage and retrieval of a SAR and related incident information for five year.
In September 2008, the company partnered with BusinessGenetics to offer automated business requirement generation solution to the finance sector. The new technology is called xBRD (eXtended Business Requirement Document). According to the company, the solution provides the most complete, accurate and consistent depiction and description of business requirements and contains all the information needed by an IT organization to proceed with development.