American Bank's Success Story Printer-Friendly PDF Version WHO American Bank, N.A. (Corpus Christi, Texas) $900 million in assets Stacey Galary, senior compliance officer WHEN 2005 - Present WHAT American Bank’s senior compliance officer joined the bank in 2008. As a new member of the compliance team, she needed to be able to quickly evaluate and work with the bank’s existing systems. Banker’s Toolbox’s BAM™ and WirePro™ were two systems that were easy to use and gave the bank an automated approach to strategically focus resources where they were needed most. The Challenge American Bank, N.A. (Corpus Christi, Texas), a community bank with 13 branches and $900 million in assets, has been using software from Banker’s Toolbox 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 Banker’s Toolbox, BAM™ and WirePro™. “My first impression of BAM and WirePro was of how easy they were to use,” Galary said. “When I did have a question, the response from Banker’s Toolbox was very quick and thorough. They not only remembered my name each time I called, but they were familiar with my bank and my needs.” The Solution Banker’s Toolbox’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. “BAM and WirePro really give me a bird’s eye view of all cash and wire transactions and how they fit into each customer’s risk assessment,” Galary said. “The software helps us identify the areas that need the most attention and the key risk factors to look for.” The Result Galary said in the time she has been with American Bank, BAM has become the heart of the BSA/AML program.   “BAM enables us to do in-depth monitoring of risk factors and issues that we could never do in a manual setting,” Galary said. “The reporting enhances Suspicious Activity Reporting (SAR) and enables us to carefully monitor risk factors so that we can appropriately allocate resources to the most needed areas.” American Bank also incorporates WirePro’s reporting features into their BSA/AML program to ensure no transactions slip through the cracks. “WirePro affords us the opportunity to include wire activity in all our monitoring,” Galary said. “Automated clearing house (ACH) and wire transactions are two of our highest risk channels for BSA, and using WirePro with BAM is the key to mitigating that risk.” Galary added that Banker’s Toolbox has worked tirelessly to make sure her bank maximizes their investment.   “I’ve been able to attend Banker’s Toolbox’s Annual User Group Conference, and the staff helped us get the most out of our systems,” said Galary. “Compliance is a cost center, but BAM and WirePro enable us to work more efficiently and harness costs to an appropriate level for our size. Banker’s Toolbox helps us see, and plan for, the big picture.” About American Bank, N.A. Founded in 1970, American Bank, N.A. (Corpus Christi, Texas) is the premiere independent financial institution in that market area. The bank has grown from one location in Corpus Christi to thirteen offices in six Texas cities and $900 million in assets. For more information, visit the bank’s Web site at www.americanbank.com. About Banker’s Toolbox, Inc. Austin, Texas-based Banker’s Toolbox, Inc., helps banks manage risk and streamline compliance examinations. The company’s product suite consists of affordable solutions for money laundering detection and reporting, risk management through fraud and kiting prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment. The Banker’s Toolbox team is a unique combination of seasoned bankers and information technology consultants who specialize in designing, developing and implementing risk management solutions nationwide while providing unparalleled customer service to regional and community banks. For more information, visit the company’s Web site at www.bankerstoolbox.com. #

back