BANKDetect, LLC., a privately held knowledge-based technology company that focuses solely on loss prevention and compliance for financial industries, announced Westfield Bank has selected RiskTracker-AML and RiskTracker-A3.
The solutions will support the bank's efforts to effectively analyze daily transactions and identify high-risk behavior while meeting heightened compliance standards.
The Westfield, Mass.-based bank has more than $800 million in assets and locations in seven surrounding communities. It caters to more than 30,000 customers with a strong commercial lending portfolio.
"BANKDetect fraud prevention and compliance solutions provide us with the assurance necessary to meet regulatory needs while protecting our customers while we focus on steady growth," said William Berz, assistant vice president and security officer of Westfield Bank. "Escalating fraudulent attacks and evolving compliance standards make these solutions an essential part to a bank's long-term success."
RiskTracker-AML is a transaction monitoring system that will identify money laundering risk and other suspicious activity at Westfield Bank. It includes a loan module that performs a wide variety of independent or interrelated analyses on cash payments, early pay-offs and payments larger than expected. The solution also enables financial institutions to automatically generate suspicious activity reports (SARs) and counter-terrorism reports and attaches documents to the internal case management system. The system now includes analyses for money service business (MSB) identification, eliminating the tendency to diminish MSB accounts due to the high cash risk involved.
RiskTracker-A3 is an advanced transaction monitoring system that uses a broad spectrum of fraud detection functions to analyze daily transactions and identify high-risk behavior. A recent enhancement is the analysis of general ledger transactions to monitor a bank's internal activities.
"We should expect regulations to constantly evolve, as was demonstrated by the FFIEC's July updates," said Robert Cofod, president and chairman of BANKDetect. "This natural progression will continue as we learn more and as criminals create new methods. Our mission at BANKDetect is to provide solutions that supply all compliance and security needs, furthering the safety of our financial institutions and allowing them to focus on the customer."