22 April 2018
https://www.avoka.com

Great Lakes Bank implements Banker's Toolbox BSA/AML software

04 January 2010  |  1447 views  |  0 Source: Banker's Toolbox

Blue Island, Ill-based Great Lakes Bank ($678 million) has implemented Banker's Toolbox's Bank Secrecy Act/Anti-Money Laundering (BSA/AML) software, BAM with CTR Manager (currency transaction report) to improve the bank's ability to monitor and report on suspicious transactions.

Great Lakes Bank previously used a combination of paper and spreadsheets for their transaction monitoring; however, bank executives felt an automated approach would be more efficient for their requirements. The bank selected Banker's Toolbox because of the software's seamless integration with their core banking software, Fiserv's Premier®, and the company's in-depth knowledge of BSA/AML regulations.

"Banker's Toolbox's staff is made up of former BSA/AML compliance staff, and they know what bankers need to remain compliant," said David Homrich, vice president and senior compliance officer for Great Lakes Bank. "Banker's Toolbox's reports are easy to set up and configure, and the system gives us exactly what we need to lower our BSA/AML risk."

BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data. The CTR module aggregates cash transactions to simplify the process of creating and filing currency transaction reports. Great Lakes Bank also cited the enhanced access to information as a primary factor in selecting Banker's Toolbox. Homrich said the automated reporting saves him time in monitoring transactions and the activity logs help prove due diligence to examiners.

"Banker's Toolbox was founded by bankers who saw a need in the industry for more comprehensive tools to manage BSA/AML compliance," said Daniel Cho, chief executive officer at Banker's Toolbox. "Our staff is dedicated to providing banks like Great Lakes the software and expertise they need to detect and properly handle suspicious activity."

 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit https://aciworldwide.webex.comvisit www.ebaday.comVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
11819 views comments | 20 tweets | 27 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
10232 views comments | 18 tweets | 32 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9981 views comments | 14 tweets | 19 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
9275 views comments | 16 tweets | 22 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
8649 views comments | 9 tweets | 10 linkedin