Banker's Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check fraud, announced at the American Banker Association's Regulatory Compliance Conference that Ruston, La.-based Community Trust Services Corp., a wholly owned subsidiary of Community Trust Financial Corp. ($1.1 billion in assets), has successfully implemented Banker's Toolbox's Bank Secrecy Act / Anti-Money Laundering Management System (BAM) software to provide enterprise-wide money laundering prevention services and WirePro for complete wire processing capabilities.
With a Metavante Bankway core processor already in place, the bank holding company selected Banker's Toolbox because the software tools create a more practical and streamlined system to detect and prevent fraudulent activity among Community Trust Financial Corp.'s two bank holdings - Community Trust Bank, with 16 branches in Louisiana, and Community Trust Bank of Texas, with one location in Dallas. In leveraging the Banker's Toolbox software, Community Trust Services Corp. has combined all of its fraud and BSA functions into one system, replacing a time-consuming array of spreadsheets.
"As our banks continue to extend their reach, we were ready to move beyond spreadsheets and find a unified and more innovative approach to compliance reporting," said Royce Dillard, senior vice president of Community Trust Services Corp. "Banker's Toolbox enables us to look at everything in one snapshot, resulting in a smoother process for monitoring suspicious activity across all our banking center locations."
Banker's Toolbox provides end-to-end software solutions to aid financial institutions in locating and reacting to money laundering and check and wire fraud. A single vendor makes account information more easily accessible and ensures validity on entered data. Community Trust Services Corp. has implemented BAM and WirePro and purchased two additional systems, Kite ManagerTM and Fraud ManagerTM, to implement in 2010:
- BAM, a comprehensive automated system that can monitor accounts across all bank branches. The program has the capability to identify high-risk accounts and unusual customer transactions through real-time and scheduled data reporting.
- WirePro, a system that automates the entire workflow of processing incoming and outgoing wires via interfaces with FedLine or SWIFT and the financial institution's core processing system.
- Kite Manager, software that simplifies the work of identifying potential check-kiting activity. Kite Manager eliminates paper reports in conducting surveillance and maintains transaction histories from both the account in which a check is deposited and the account from which money is withdrawn.
- Fraud Manager, a complete system to review fraudulent checks. Fraud Manager can identify suspects quickly and accurately through analysis of serial numbers and detailed review of historical activity.
"Banks with multiple branches and a wide geographic area need a strong system to monitor a wide range of high volume accounts," said Daniel Cho, chief executive officer of Banker's Toolbox. "Our solution provides Community Trust Services Corp. with a centralized, economical tool to better protect the bank from money laundering and results in tighter compliance with BSA/AML regulations."