Systems and methods for producing suspicious activity reports in financial transactions

• US 7,831,498 B2
• Filed: 09/08/2003
• Issued: 11/09/2010
• Est. Priority Date: 04/25/2003
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Mulleneaux, Melanie B., Morales, John M., Cowell, James E.
• Primary Examiner(s): Kazimi; Hani M.
• Assistant Examiner(s): GRAHAM, CLEMENT B
• Application Number:
  US10/658,844
• Publication Number:
  US 20040215558A1
• Time in Patent Office: 2,619 Days
• Field of Search: 705/37, 705/36, 705/34, 709/224, 713/201, 790 35- 38
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07G 3/003 Anti-theft control theft alarms G08B13/00

Abstract

A method of producing a suspicious activity reports includes storing configuration information at a transaction processing device. The configuration information configures the device to produce suspicious activity reports based on certain criteria. The method also includes receiving transaction information and determining, based on the transaction information and the certain criteria, whether a suspicious activity report is to be prepared. The method also includes generating a suspicious activity report containing at least some of the transaction information.

Claims

1. A computer-implemented method of producing a suspicious activity report, comprising:

storing, by a computerized financial transaction system, configuration information wherein the configuration information configures the system to produce suspicious activity reports based on certain criteria, and wherein the certain criteria comprises both a mandatory SAR threshold and a SAR prompt threshold;

receiving by the computerized financial transaction system, transaction information comprising an amount of a transaction;

determining by the computerized financial transaction system, based on the transaction information and the certain criteria, whether a suspicious activity report is to be prepared, wherein determining whether the suspicious activity report is to be prepared comprises;

comparing by the computerized financial transaction system, the amount of the transaction to the mandatory SAR threshold; and

comparing by the computerized financial transaction system, the amount of the transaction to the SAR prompt threshold and, if triggered by the comparison, displaying a prompt that asks an operator if he wants to prepare a suspicious activity report; and

generating by the computerized financial transaction system, a suspicious activity report containing at least some of the transaction information.

2. The method of claim 1, further comprising transmitting the suspicious activity report to authorities.

3. The method of claim 2, wherein transmitting the suspicious activity report to authorities comprises:

collecting suspicious activity reports at a host computer system; and

transmitting the collected suspicious activity reports to a computer system of the authorities.

4. The method of claim 1, further comprising receiving additional information and including the additional information in the suspicious activity report.

5. The method of claim 1, wherein determining whether a suspicious activity report is to be prepared comprises determining whether an operator has elected to produce an on-demand SAR.

6. The method of claim 1, further comprising printing a report relating to suspicious activity reports produced at a transaction processing device during a period of time.

7. The method of claim 1, wherein a transaction processing device is configured to print money orders.

8. A computer-implemented method of producing a suspicious activity report, comprising:

storing, by a computerized financial transaction system, configuration information at wherein the configuration information configures the system to produce suspicious activity reports based on certain criteria and wherein the certain criteria comprises both a mandatory SAR threshold and a SAR prompt threshold;

receiving, by the computerized financial transaction system, transaction information, wherein the transaction information comprises an amount of a transaction;

determining, by the computerized financial transaction system, based on the transaction information and the certain criteria, whether a suspicious activity report is to be prepared, wherein determining whether the suspicious activity report is to be prepared comprises;

comparing, by the computerized financial transaction system, the amount of the transaction to the mandatory SAR threshold;

comparing, by the computerized financial transaction system, the amount of the transaction to the SAR prompt threshold; and

generating, by the computerized financial transaction system, a suspicious activity report containing at least some of the transaction information, wherein generating a suspicious activity report comprises;

printing, by the computerized financial transaction system, a suspicious activity report having a portion of the additional information and also having blanks for receiving additional suspicious activity report information.

9. A computerized transaction processing device, comprising:

an input device arranged to receive transaction information and SAR information;

a display screen arranged to display information to an operator; and

application software that programs the transaction device to;

store configuration information, wherein the configuration information configures the device to produce suspicious activity reports based on certain criteria, wherein the certain criteria comprises both a SAR prompt threshold and a mandatory SAR threshold;

receive transaction information, wherein the transaction information comprises an amount of a transaction;

determine based on the transaction information and the certain criteria, whether a suspicious activity report is to be prepared, wherein determining whether the suspicious activity report is to be prepared comprises;

comparing the amount of the transaction to the mandatory SAR threshold; and

comparing the amount of the transaction to the SAR prompt threshold; and

generate a suspicious activity report containing at least some of the transaction information.

10. The transaction processing device of claim 9, wherein the application software also programs the transaction device to compare an amount of a transaction to the mandatory SAR threshold.

11. The transaction processing device of claim 9, wherein the application software also programs the transaction device to compare an amount of a transaction to the SAR prompt threshold.

12. The transaction processing device of claim 11, wherein the application software further programs the transaction device to:

display a prompt that asks an operator if he wants to prepare a suspicious activity report; and

receive a response to the prompt.

13. The transaction processing device of claim 9, wherein the application software also programs the transaction device to determine whether an operator has elected to produce an on-demand SAR.

14. The transaction processing device of claim 9, wherein the application software further programs the transaction device to print a report relating to SARs produced at the transaction processing device during a period of time.

15. The transaction processing device of claim 9, wherein the transaction processing device is configured to print money orders.