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Seven Items That Should be on Every AML Software Checklist

August 21, 2019
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Shopping for a bank secrecy act/anti-money laundering (BSA/AML) monitoring software can feel overwhelming. There are so many options, features, and benefits to each system that it can be tough to figure out where to start. We’ve spent the last 20 years working with industry experts regarding regulatory compliance and our customer base regarding program efficiencies to build BAM+ into the ultimate BSA/AML regulatory and compliance solution. Here are the seven things that differentiate BAM+:

  1. Total Control – With BAM+, you get complete control over your BSA program. Your system is calibrated to your risk profile at implementation and gives you the tools to adjust as your risk profile changes over time. Whether through organic growth, or acquisition, BAM+ puts the power in your hands to make any changes needed based off new or emerging areas of risk.

  2. Data Management – Data is king, and your AML solution is only as good as the data available. Our commitment to transparency starts with data. Our import reporting allows you to balance feed totals to your core to ensure you are capturing all sources within your scheduled feeds. BAM+ will also alert you to import issues like missing or unvalidated data so you can quickly resolve the problem and avoid negatively impacting your monitoring by skewing results or causing you to miss questionable activity.

  3. Multidimensional Analytics– There has been a great deal of noise in the industry comparing Rules vs. Behavioral Analytics, one being better than the other and that they should be used exclusively or not at all. In our research, we have found those views to be too simplistic and frankly, bad for the industry. There is a place for both types of analytics in a software and places where one will shine over the other. In BAM+, you find both behavioral and rules-based analytics, along with typologies. This convergence of different types of analytics provides the most coverage and gives BAM+ the ability to apply the kind of analytics that is most appropriate to the type of crime being perpetrated.

  4. User Defined Groups – Your institution’s risk profile is like a fingerprint – unique. Does your customer base extend past your branch footprint? Do you monitor accounts opened online the same as face to face? Do all of your business accounts offer the same services? Are their activity volumes the same? Your AML software needs to be able to interpret both the apparent and nuanced differences. BAM+ provides numerous tools to identify and segment your customer base appropriately for each facet of your program. User defined groups allow you to tailor your program management from initial onboarding, throughout the customer relationship. They allow you to customize your detection methodology to analyze each segment against their specific risks and thresholds and assist with ongoing due diligence reviews.

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  1. Reporting – our focus should be on catching bad financial actors, not creating reports. With BAM+, you can easily pull and run reports for a variety of needs – for your board, to support staffing requests, to assist your peers or for your regulators. Our in-depth reports provide a thorough overview of the customer and user activity you need when you need it so you can focus on what truly matters – catching potentially suspicious activity.

  2. User-Friendly – Our AML solutions weren’t made as an afterthought. They were built purposely to help community financial institutions better protect our financial system from illicit actors. BAM+ offers a wide array of functionality from onboarding new customers, to monitoring against suspicious activity and filing CTRs and SARs; to ongoing due diligence. Our goal is to always provide a solution that is effective, efficient, and easy to use, whether you are an army of one, or a department of one hundred.
  1. Professionalism – We are here to support your success as a BSA professional, not just provide software. Our team is comprised of former bankers, regulators, and industry certified professionals who work tirelessly to stay informed on regulatory and financial industry changes. We are always just a phone call away and ready to help support your program any way we can.

Your BSA/AML software needs to work for you, making your job easier and more efficient. You have a hefty responsibility to protect our financial system from bad actors, and your BSA/AML software should help you be successful, not add more work to your already overflowing plate.

To learn more about how BAM+ can help your institution and strengthen your BSA program, contact us.

About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.