In a move to replace a manual BSA/AML process using spreadsheets, NBC Oklahoma implemented Banker’s Toolbox’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) software to streamline the collection and analysis of suspicious transactions across the bank’s eight branches.
The software integrates with the bank’s core system, Open Solution’s Total Plus, eliminating the need to duplicate transaction entries and saving time in generating reports. The platform includes automated Suspicious Activity Report (SAR) and risk report management, giving BSA officers access to the most detailed reports available, down to individual tellers on suspicious transactions.
The bank said the financial industry and compliance experience at Banker’s Toolbox was a significant factor in their selection.
Maureen Carollo, senior vice president of compliance and BSA officer at NBC Oklahoma, said: “It is impossible to manually review transaction data from eight branches when trying to make determinations about suspicious activity. Using Banker’s Toolbox, I can quickly pull data from anywhere in the bank, analyze the transactions and generate the reports needed for compliance exams.”
Daniel Cho, chief executive officer at Banker’s Toolbox, said: “BSA officers can no longer rely on manual spreadsheets to compile, review and process the thousands of transactions going through their bank.Using BAM, NBC Oklahoma will be able to strengthen their compliance procedures and protect the bank from illegal transactions without sacrificing time or quality.”
