American Bank, N.A. (Corpus Christi, Texas), a community bank with 13 branches and $1.37 billion in assets, has been using software from Abrigo to manage Bank Secrecy Act/Anti Money Laundering (BSA/AML) compliance and wire transaction processing since 2005. The system was initially selected because of the strong integration with the bank’s core system, PhoenixEFETM and endorsement from Harland Financial Solutions.
In 2008, the bank brought in Stacey Galary as the new senior compliance officer. Galary was tasked with managing the bank’s automated processes, including getting up to speed on the existing systems from Abrigo, BAM+™ and WirePro™.
Abrigo’s BAM+ is an automated system for collecting, analyzing and reporting on suspicious transactions in compliance with BSA/AML regulations. The system identifies high-risk activity with real-time or scheduled reporting. The platform also includes automated Suspicious Activity Report (SAR) management, giving BSA officers access to the most detailed reports available, down to individual tellers on suspicious transactions.
WirePro automates the back office workflow for wire fund transfers. In addition to streamlining the incoming and outgoing wire process, the system integrates with BAM+ to ensure wire transactions are appropriately monitored for compliance with BSA/AML regulations.