US-based Nodaway Valley Bank has implemented Bank Secrecy Act Anti-Money Laundering Management System from Banker’s Toolbox.
Banker’s Toolbox said that Nodaway Valley Bank decided to automate its Bank Secrecy Act (BSA) and anti-money laundering operations. The BAM is a system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data.
The system identifies high-risk activity with real-time or scheduled reporting. The platform also includes automated suspicious activity report and risk report management, giving BSA officers access to the detailed reports available, down to individual tellers on suspicious transactions.
Judy Rogers, vice president and retail operations manager of Nodaway Valley Bank, said: When I took over the BSA operations for our bank, I wanted to put a system in place that would help us more readily review account activity through more comprehensive, regular reporting. I have been impressed with both the ease-of-use and robust nature of the system as well as grateful for the consultative support and industry knowledge that Banker’s Toolbox provides.
Daniel Cho, chief executive officer of Banker’s Toolbox, said: Bank Secrecy Act compliance and effective fraud detection and prevention affect every financial institution’s operations, regardless of size. As fraudsters become more sophisticated in their methods, banks must accelerate their level of automation to respond in today’s environment and our solutions enable them to do so.”