Texas-based HomeTown Bank has deployed Banker’s Toolbox BAM software across its four branches to enhance Bank Secrecy Act/ Anti-Money Laundering (BSA/AML) compliance.
BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data across all branches.
The system automates the management of Suspicious Activity Reports (SAR) and tracks the high-risk activity with real-time or scheduled reporting.
BAM software is expected to eliminate HomeTown Bank’s manual process of working through transaction spreadsheets to track the suspicious cash and wire activities. The software will integrate with HomeTown Bank’s core processing system, Fidelity Information Services’ BancPac.
HomeTown Bank vice president Alyssa Lozano said that BAM provides with several benefits, with the most important being how easy it is to examine all transactions from all branches in one system.
“BAM also enables me to spend 80% less time on reporting. I can complete all my reports in one day, compared to the five I used to need,” Lozano said.
Banker’s Toolbox CEO Daniel Cho said that catching potential money launderers requires banks to have sophisticated systems to analyze transactions at all branches and using all cash, wire, monetary instruments, ACH, and other transaction channels.
“BAM simplifies this process by streamlining data and enabling BSA officers to focus on transactions that pose the highest risk.” Cho said.