Nodaway Valley Bank Turns to Banker’s Toolbox for Bank Secrecy Act Automation

North Hollywood, Calif., March 25, 2009 – Banker’s Toolbox, a provider of comprehensive solutions to help financial institutions improve risk management through anti-money laundering, fraud detection and commercial real estate loan portfolio analysis and stress testing, today announced that Maryville, MO-based, Nodaway Valley Bank ($648 million asset) successfully implemented Banker’s Toolbox’ Bank Secrecy Act Anti-Money Laundering Management System (BAM®).

Following the retirement of a longstanding Bank Secrecy Act (BSA) manager, Nodaway Valley Bank decided to automate its BSA and anti-money laundering operations. The bank evaluated solutions from three vendors, including two of the largest technology providers in the industry, and ultimately selected Banker’s Toolbox’s BAM solution. The purchase decision was attributed to the high level of functionality of the system, cost effectiveness and the industry expertise and counsel from Banker’s Toolbox’ staff. Implementation was completed in January 2009, and bank officials already report an increase in efficiency due to the system’s automated reporting capabilities.

“Successful BSA management can be a time-consuming process without effective tools in place,” said Judy Rogers, vice president and retail operations manager for Nodaway Valley Bank. “When I took over the BSA operations for our bank, I wanted to put a system in place that would help us more readily review account activity through more comprehensive, regular reporting. I have been impressed with both the ease-of-use and robust nature of the system as well as grateful for the consultative support and industry knowledge that Banker’s Toolbox provides.”

BAM is a complete system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data. The system identifies high-risk activity with real-time or scheduled reporting. The platform also includes automated Suspicious Activity Report (SAR) and risk report management, giving BSA officers access to the most detailed reports available, down to individual tellers on suspicious transactions.

“Bank Secrecy Act compliance and effective fraud detection and prevention affect every financial institution’s operations, regardless of size,” said Daniel Cho, chief executive officer of Banker’s Toolbox. “Our solutions have been carefully designed with bankers’ needs in mind by professionals with real banking experience. As fraudsters become more sophisticated in their methods, banks must accelerate their level of automation to respond in today’s environment and our solutions enable them to do so.”

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About Nodaway Valley Bank
Founded in 1868, Maryville, MO-based Nodaway Valley Bank is committed to serving its customers by providing superior financial services with a tradition of safety and dependability. Additional information about the bank can be found online at www.nodawayvalleybank.com.

About Banker's Toolbox, Inc.
North Hollywood, Calif.-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 kite 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. 

SOURCE: Banker's Toolbox