The challenge: Ineffective system, unresponsive vendor
When Amy Ely joined Gulf Capital Bank as the AML/CFT Officer, the institution was using its core provider’s anti-money laundering (AML) software— a system that management had already recognized as ineffective for the bank’s needs. Described by Ely as unintuitive and “bare bones,” the software struggled to support basic compliance needs. Simple functions like tagging account types or using NAICS codes weren’t available, leading to frustration. “Save doesn’t mean save” was a common issue due to a poorly designed interface that required saving in a strict page-by-page order. Moreover, the vendor was unresponsive and lagging in innovation.
The solution: Transaction monitoring in Abrigo’s BAM+
About a year after her arrival, Gulf Capital Bank initiated an RFP process and selected Abrigo’s BAM+ AML solution to replace the outdated system. Ely was already familiar with BAM+ from using it at another institution and was excited to return to a platform known for its flexibility, innovation, and support. The transition included utilizing BAM’s transaction modeling and reporting and leveraging Abrigo’s comprehensive training programs to onboard her team effectively.
