Banker’s Toolbox has partnered with RDSI Banking Systems, a provider of data and item processing services, to enable RDSI to offer Banker’s Toolbox’s Bank Secrecy Act Anti-Money Laundering Management System or BAM to its customer base of community banks.
According to Banker’s Toolbox, through the partnership, community banks will have the opportunity to implement Bank Secrecy Act (BSA)/ Anti-Money Laundering (AML) initiatives similar to those used by the financial institutions, but without the time- and cost-intensive implementations. It is a complete system for monitoring and reporting suspicious financial activity through a robust software system that aggregates, compiles stores and analyzes data.
By accessing Banker’s Toolbox BAM platform through RDSI, these banks will receive fraud monitoring services in a hosted environment, eliminating the need to purchase additional servers and reducing the labor involved in installation and maintenance, creating a BSA/AML program for the institution, said Banker’s Toolbox.
Daniel Cho, CEO of Banker’s Toolbox, said: Every year, financial institutions face significant losses due to fraud and money laundering. Often, it is the community bank that is targeted for crime because it is perceived they lack the security measures that banks have in place. Our partnership with RDSI will enable these banks to implement strong BSA/AML programs in a cost-effective and convenient way.
