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Banker's Toolbox launches outsourced BSA/AML monitoring and compliance service

27 July 2009  |  1391 views  |  0 Source: Banker's Toolbox

Banker's Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check fraud, announced the release of BSA Express, a software and monitoring bundle developed to provide financial institutions with an economical approach to meeting Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance standards.

BSA Express combines Banker's Toolbox's proven anti-money laundering management software (BAMTM) with outsourced monitoring services from an experienced team of in-house risk management consultants who have trained hundreds of financial institutions on Banker's Toolbox products. The Certified Anti Money Laundering Specialists (CAMS) and former BSA Officers on the monitoring team at Banker's Toolbox carefully examine account activity and analyze suspicious transaction patterns. As a result, BSA Express allows banks to redistribute valuable resources needed to train and maintain a qualified compliance staff without the pitfalls associated with traditional outsourcing, such as foreign country risk or loss of oversight.

"For financial institutions looking to use proven methods to cut costs in this challenging economic environment, automation and outsourcing are cost-effective alternatives to adding in-house resources," said Daniel Cho, chief executive officer, Banker's Toolbox. "The differentiators we can offer with BSA Express are that all data remains safely on financial institution's data servers, and our qualified staff already know how to utilize our compliance software to its maximum potential, putting it to use immediately after installation."

BSA Express is customized to fit institutions of all sizes and is scalable to address future systems, data sources or changes in risk profile. The software is used to comprehensively monitor the amount and frequency of transactions related to cash, wire, ATM, ACH, teller, and monetary instrument transactions. Upon detecting suspicious transactions with the software, risk management consultants at Banker's Toolbox formulate risk assessments and draft Suspicious Activity Reports (SAR) and present them to the financial institution for final approval and submission.

"A combination of automation and outsourced monitoring is an ideal solution to reduce costs," added Cho. "Since BSA Express is customizable and can adapt as organizations evolve, both de novo banks and established financial institutions benefit from the comprehensive monitoring and reporting on suspicious activities."

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