Thomson Expands Risk-Reduction Line 24

T homson Financial Publishing has acquired the products of Compliance Technology Systems, comprised of the Wire Transfer Control System^® and the Currency Reporting Control System^®, two Windows-compatible software systems designed to help financial institutions comply with record-keeping and reporting requirements of the Bank Secrecy Act. Over 450 financial institutions in 46 states have installed these systems.

The Wire Transfer Control System is a fully automated record keeping solution designed to aid the originator, beneficiary, and intermediary financial institution in complying with the Bank Secrecy Act Wire Transfer Record Keeping requirement. Offering direct interface from Fedwire, Fedline, and Wirenet, the system ensures that proper information is first obtained and then stored in keeping with requirements outlined by the Treasury and Federal Reserve Board.

The Currency Reporting Control System is designed as a total solution to the time-consuming tasks of aggregating, monitoring, tracking, and reporting large cash transactions in compliance with the Bank Secrecy Act. The system automatically collects the necessary information and generates “4789” reports for the Internal Revenue Service, either on paper or via magnetic data.

Cash transactions can be passed automatically to the system from a mainframe interface file and/or the Branch Currency Control System (a product option). User-friendly data-entry screens also allow the manual entry of data.

“We strive to offer the Financial Services industry the best solutions available for reducing risk and enhancing payment efficiency,” stated Glenn Gottfried, senior vice-president of Thomson’s Payment and Compliance Solutions Group. “The acquisition of these two products from CTS enables us to extend our product line and better serve our clients in commercial banks, thrift institutions, holding companies, and credit unions.”

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