Banker's Toolbox addresses beneficial ownership rules

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.”

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