COMPLIANCE

Compliance at BEST Card Systems Data Systems LLC is more than a “function”, it is a culture. Avoiding risk is a benefit to BEST Card Systems, its clients, its partners and the world as a whole.

BEST Card Systems DUE DILIGENCE COMPLIANCE FUNCTION

BEST Card Systems Data Systems LLC processes all clients, principals and payment-related persons through a Due Diligence Review that includes gathering information and documentation, filtering through various databases (including the OFAC Specially Designated Nationals List), private and governmental web-based investigative inquiries and a Political Exposed Persons (PEP) status review (i.e. for evidence of criminal or terrorist activity, etc), designed to quickly and effectively determine whether a person or company is linked to money-laundering terrorism, fraud or other crimes.

Benefits of BEST Card Systems Compliance

  • Guards against risks to your business e.g. unknowingly dealing with money launderers and terrorists.
  • Minimizes reputational risk, regulatory risk, risk of criminal and civil legal action.
  • Does screening early, for signs of money laundering or terrorist risk.
  • Notifies clients of negative information clients may not be aware of, and maintains all information and audit trails private and confidential.

BEST Card Systems TRANSACTION AND DATA COMPLIANCE FUNCTION

Depending on the service provided, BEST Card Systems adjusts its compliance functions to meet stated or existent needs and client requests. BEST Card Systems has a proprietary compliance platform, combining current compliance principles with internet-based technology. Payment and transaction data can be filtered through worldwide fraud, anti-money laundering and terrorist watch lists monitored and maintained by the Office of Foreign Assets Control (OFAC). Integrated features include: automated electronic filling, confirmation and archiving of Cash Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). Appropriate reporting to the Internal Revenue Service of United States Department of Treasury and the Financial Crimes Enforcement Network provides an independent evaluation of the need for such reporting, as well as redundancy – assuring banks of the integrity of the client payments and data.

Fraud detection, OFAC monitoring (on maker and payee item information), AML/BSA Patriot Act compliance
Retrievable client-by-client transaction history
Images archived
Monitoring for suspicious activities (“Red Flags”), aggregation, velocity, structuring, etc. is available

For more information, contact BEST Card Systems directly.