23 June 2018
Visit www.worldwealthreport.com/

Banker's Toolbox addresses beneficial ownership rules

17 August 2017  |  3649 views  |  0 Source: Banker's Toolbox

Banker’s Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions for financial institutions, announced today the launch of its Due Diligence Manager solution for Beneficial Ownership.

This extension of the existing BAM+ platform delivers exciting and holistic features including a completely flexible question builder and automated periodic risk reviews to remain watchful in the pursuit of accuracy and vigilance against criminal behavior.

“Beneficial Ownership as the “fifth pillar” for anti-money laundering (AML) programs represents the most significant regulatory challenge to community financial institutions since the USA PATRIOT Act in 2001,” said John Meyer, Chief Product Officer of Banker’s Toolbox. “It is our role as compliance partner for our family of customers to assist in these challenges.”

Due Diligence Manager can be deployed both within the Banker’s Toolbox BAM+ solution or as a standalone solution to meet the requirements of Beneficial Ownership. This type of flexible implementation is a key differentiator for Due Diligence Manager. “We are pleased that financial institutions that are not using BAM+ still have the ability to use Due Diligence Manager. The beauty of this product, is that it conforms to your process, it changes for you, not the other way around”, states Meyer.

Banker’s Toolbox also provides consulting services for Customer Due Diligence business processes, policies, procedures and calibration.
All covered financial institutions are required to comply with the final rule by May 11, 2018.

“With our banking expertise, focus on transparency, flexibility and integration capabilities, Banker’s Toolbox is uniquely qualified to build better solutions for the community financial institutions we serve,” said Deb Eshbaugh, Senior Product Manager for the BAM+ platform. “Due Diligence Manager is another example of the leadership we will continue to provide in advance of all future developments.”

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit https://info.nice.com/

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
26184 views comments | 7 tweets | 8 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
9072 views comments | 10 tweets | 17 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
8370 views comments | 18 tweets | 23 linkedin
hands typing furiouslyArtificial Intelligence at the changing fa...
7215 views 0 | 10 tweets | 5 linkedin
Visa says 5.2m payments failed during 10 hour outageVisa says 5.2m payments failed during 10 h...
6246 views comments | 14 tweets | 10 linkedin

Featured job

(GBP Equivalent) Six-Figure Base + OTE + Benefits
New York City, NY - USA

Find your next job