NWFCU monitors various fraud scenarios and risk factors such as large cash withdrawals and deposits, wire transfers, the velocity of debit card activity and money structuring.
NWFCU security and fraud manager and Bank Secrecy Act (BSA) compliance officer Nancy Huntoon said that SAS Anti-Money Laundering has definitely been a huge asset for the credit union from a process and efficiency standpoint; it’s really made a world of difference.
"SAS crunches all the data and readily provides the fraud and money laundering scenarios and risk factors upfront. Our BSA Specialist can effectively review the new alerts and move on as compared to the previous process, which might have taken more than a day to just work through the large volume of transactional data," Huntoon said.
Previously, NWFCU had to generate numerous transactional reports containing a large volume of detail each day and then manually comb through each transaction to identify possible suspicious activity.
To build upon the credit union’s financial crimes capacity, Huntoon and her team are also building a householding process to analyze the relationships between member accounts, and the money that moves between them, to identify suspicious activity.
