Great Lakes Bank has implemented bank secrecy act/anti-money laundering (BSA/AML) software, BAM with CTR Manager (currency transaction report) from Banker’s Toolbox, to improve the bank’s ability to monitor and report on suspicious transactions.
BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data. The CTR module aggregates cash transactions to simplify the process of creating and filing currency transaction reports. Great Lakes Bank has cited the improved access to information as a primary factor in selecting Banker’s Toolbox.
David Homrich, vice president and senior compliance officer for Great Lakes Bank, said: “Banker’s Toolbox’s staff is made up of former BSA/AML compliance staff, and they know what bankers need to remain compliant. Banker’s Toolbox’s reports are easy to set up and configure, and the system gives us exactly what we need to lower our BSA/AML risk.”
