Banker's Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check and wire fraud, today announced that Chicago-based Standard Bank & Trust Co. has successfully implemented Banker's Toolbox's Bank Secrecy Act Anti-Money Laundering Management System (BAM) software to provide enterprise-wide fraud prevention and BSA compliance services.
Standard Bank & Trust, a $2.4 billion asset institution, was founded in 1947 and has expanded to 42 branches throughout Illinois and Indiana. With a large and geographically dispersed customer base, the bank converted to BAM from a previous system because the software provided an enterprise-wide, end-to-end automated monitoring system that met and exceeded the bank's expectations for thoroughness and ease-of-use.
"Today's financial landscape is in a state of flux, leaving the door open for increased chances of fraud as well as much higher compliance expectations," said Pat Spears, vice president of Branch Operation Support for Standard Bank & Trust. "With 42 branches, it is vital that our fraud detection system is capable of monitoring high volume account activity and reporting the information in an easy to interpret fashion."
BAM provides a comprehensive automated account monitoring across all of Standard Bank &Trust's branches, reducing fraud risk for the bank and its customers and maintaining tight regulatory compliance. Bank executives also cited Banker's Toolbox global approach to product development as well as the company's training and customer support in their decision.
"Not only is the platform what our institution needed to streamline and improve our fraud detection initiatives, but Banker's Toolbox service has been second to none," continued Spears. "From due diligence, through implementation and training and, now, in our everyday use, Banker's Toolbox has been there at every step with support and guidance. Their in-depth training program and comprehensive implementation process has enabled our staff to use BAM to its fullest potential, providing us with a strong, cost-effective BSA/AML strategy."
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.
"Fraud and money laundering pose major threats to financial institutions, especially in such a volatile market," said Daniel Cho, chief executive officer of Banker's Toolbox. "In addition, compliance surrounding these risks can be a time- and cost-intensive undertaking. Through BAM, Standard Bank & Trust can provide customers with fraud protection, while increasing security across the institution and streamlining the compliance process in an efficient, affordable process."