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."