Banker's Toolbox and RDSI team on AML offering

Source: Banker's Toolbox

Banker's Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check and wire fraud, today announced a partnership with Defiance, Ohio-based RDSI Banking Systems, a leading provider of data and item processing services to community and de novo banks.

The agreement will enable RDSI to offer Banker's Toolbox's Bank Secrecy Act Anti-Money Laundering Management System (BAM) to its customer base of community banks.

BAM is a complete system for monitoring and reporting suspicious financial activity through a robust software system that aggregates, compiles, stores and analyzes data. The system identifies high-risk activity with real-time or 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.

"Every year, financial institutions face significant losses due to fraud and money laundering," said Daniel Cho, chief information officer of Banker's Toolbox. "Often, it is the community bank that is targeted for crime because it is perceived they lack the security measures that large banks have in place. Our partnership with RDSI will enable these banks to implement strong BSA/AML programs in a cost-effective and convenient way."

Through the partnership, community banks will have the opportunity to implement BSA/AML initiatives similar to those used by the largest financial institutions, but without the time- and cost-intensive implementations. By accessing Banker's Toolbox BAM platform through RDSI, these banks will receive fraud monitoring services in a hosted environment, eliminating the need to purchase additional servers and reducing the labor involved in installation and maintenance, creating a more efficient and affordable BSA/AML program for the institution.

"Today's ever-changing regulatory environment poses a challenge for community banks due to the amount of time, resources and technology needed to implement, monitor and maintain updated processes, " said Tim Pearson, executive vice president with RDSI. "By partnering with Banker's Toolbox, we can provide customers with the tools to address new regulatory guidelines, improve their risk management and increase profits, all without adding staff or labor intensive processes. For these reasons, Banker's Toolbox was the clear choice in offering fraud detection and AML services to our customers."

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