HARRISBURG, Pa. - Dauphin Deposit Corp. has purchased a software package from Newton, Mass-based Intranet Inc. that helps the bank to comply with regulations aimed at curbing illegal transactions.
Bank officials said the system, called Trail, was obtained to comply with the Bank Secrecy Act of 1994, which takes effect next April.
A provision of that law requires that banks be able to produce five years' worth of specific payment information on its funds transfers. The law was enacted to review transactions suspected of being used for money laundering.
"Trail provides us with the data and tools we need to for BSA compliance," said Len Nickol, a vice president of payment operations with the Harrisburg, Pa.-based bank.
The software, whose full name is Transaction Archival and Inquiry Link, is a PC-based client/server product that collects and stores all appropriate payment information.
The software is designed for banks that use Intranet's core product, Money Transfer System, for funds transfer processing. The Windows-based software runs on an Oracle Corp. relational data base.