Napier’s Suspicious Transaction Report Builder facilitates faster, safer filing of higher quality suspicious transaction reports (STRs) that are fully compliant with global regulatory requirements.
Designed to be used with Napier’s Transaction Monitoring and Screening solutions, the STR Builder helps compliance teams collate necessary data to build and submit high quality suspicious activity reports to the relevant enforcement agency securely and on time.
Napier’s STR Builder can help reduce the time involved in compiling suspicious transaction reports, with encrypted form-building providing complete assurance against tipping-off, and auto-collation which accelerates the process.
STR Builder is available in V1.13 of the Napier Platform and requires a separate product license. The full benefits can be experienced when purchased with one of Napier’s core solutions, such as Transaction Monitoring or Transaction Screening
Submitting STRs (also known as SARs or SMRs) is a mandatory part of AML/CTF reporting obligations and is crucial to combatting financial and organised crime.
However, submission has long posed difficulties for regulated organisations and enforcement agencies, due to stringent global STR regulations.
Collating data for an STR can be time-consuming, often leading to poor quality reports that enforcement agencies overlook or possibly reject.
The STR Builder collects relevant data from across the Napier platform to automatically complete up to 80% of the form with the information required for STRs and to maintain an audit trail.
This greatly improves the speed and quality of reporting, alleviating the stress of missing the required reporting deadline.
By integrating with financial intelligence units/enforcement agencies that allow auto-submission, and providing downloadable prefilled forms for those that don’t, the STR Builder improves the ease and efficiency of submitting reports to FIUs.
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Dramatically reduce false positives, while still detecting truly suspicious activity, with our machine learning-enabled transaction monitoring system designed to be used by non-technical business users in organisations of all sizes.
Run real-time searches on payment or transactional data against multiple watch and sanctions lists to make rapid decisions about the level of risk associated with payments beneficiaries and originators.
Screen clients or entities against designated sanction lists while leveraging a machine-learning programme and advanced fuzzy matching algorithms to reduce false positives.
Gain additional deeper insights about your customer’s activity with an automated ongoing review of all customer data - including transactions, payments and screening results - against their expected behaviour.
Perform enhanced risk assessments to generate a risk level for each client. Use these levels as part of a risk-based assessment to optimise your screening and monitoring processes.
Facilitates faster, safer filing of STRs with data collation, automatic form completion, robust data security, and auto report submission. Fully compliant with global regulatory requirements, its benefits will transform any compliance function.
Book a demo and get critical insight into our unique approach,
approved by world leaders in risk management.