S/w for anti-money laundering compliance

AUSTIN: 1st United Bank has enlisted Banker’s Toolbox’s software, BAM, with the Enhanced Due Diligence (EDD) module, to enhance the bank’s process for monitoring and reporting suspicious transactions in compliance with the Bank Secrecy Act/Anti-Money Laundering (BSA/AML).

Banker’s Toolbox’s BAM software enhanced 1st United Bank’s BSA/AML auditing system by eliminating manual spreadsheets and outdated paper transaction monitoring processes. The bank selected Banker’s Toolbox over other options because of the software’s flexibility and user-friendly interface. Bank officials also cited the strong integration with 1st United Bank’s core system, HORIZONTM from FIS, adds a press release.

“We are thoroughly impressed with the software’s reporting system and compliance with our database, particularly its ability to export data for exams and audits,” said Candy Dupont, vice president and BSA/AML specialist for 1st United Bank. “We trust Banker’s Toolbox’s expertise because they understand the banking system and know what we need to remain compliant.”

BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data. The system identifies high-risk activity with scheduled reporting. The platform also includes automated Suspicious Activity Report (SAR) and risk report management, giving BSA officers access to the most detailed reports available, down to individual tellers on suspicious transactions.

EDD (Enhanced Due Diligence) is a browser-based customer due diligence solution that enables a financial institution to monitor individual business or customer expected transaction activity, making it easier to identify when transactions fall outside their normal pattern.

“Banks look to Banker’s Toolbox to help them create strong compliance programs,” said Daniel Cho, chief executive officer at Banker’s Toolbox. “We’re delighted that BAM has contributed to 1st United Bank’s success in passing regulatory exams and audits.”