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1st United Bank Adopts Banker’s Toolbox Software For BSA/AML Management

Florida-based 1st United Bank has deployed Banker’s Toolbox’s software, BAM, with the Enhanced Due Diligence (EDD) module, to improve its process for monitoring and reporting suspicious transactions in compliance with the Bank Secrecy Act/Anti-Money Laundering (BSA/AML).

Banker’s Toolbox has said that BAM software has improved BSA/AML auditing system of 1st United Bank by eliminating manual spreadsheets and outdated paper transaction monitoring processes.

According to the Banker’s Toolbox, BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data and the system identifies high-risk activity with scheduled reporting.

The platform also includes automated Suspicious Activity Report (SAR) and risk report management, offering BSA officers access to the detailed reports available, down to individual tellers on suspicious transactions.

Banker’s Toolbox added that the EDD module is a browser-based solution that enables a financial institution to monitor individual business or customer expected transaction activity, that helps is identifying the transactions fall outside normal pattern.

Candy Dupont, vice president and BSA/AML specialist for 1st United Bank, said: “We are thoroughly impressed with the software’s reporting system and compliance with our database, particularly its ability to export data for exams and audits.”

Daniel Cho, CEO at Banker’s Toolbox, said: “We’re delighted that BAM has contributed to 1st United Bank’s success in passing regulatory exams and audits.”