Union Center National Bank's Success StoryInfoTech Alliance Recommends Banker’s Toolbox to Combat Money Laundering
North Hollywood, Calif., May 27, 2009 – InfoTech Alliance, a community bank service provider based in Raleigh, N.C., today announced a referral agreement with Banker’s Toolbox, a North Hollywood, Calif.-based supplier of anti-money laundering detection and reporting solutions. As part of the partnership, InfoTech Alliance will recommend the use of Banker’s Toolbox’s Bank Secrecy Act/Anti-Money Laundering Management System (BAM®) to its financial clients. Financial institutions face numerous challenges in complying with the anti-money laundering provisions set forth in the Bank Secrecy Act and Anti-Money Laundering rules (BSA/AML), namely finding adequate resources and the technical capabilities needed to effectively monitor, track and report suspicious transactions. To help its customers overcome these hurdles, InfoTech Alliance will recommend BAM to those who use its core and item processing applications.
“Part of our responsibility is to provide our clients with the most efficient tools available to comply with regulatory exams,” said Tim Seamon, senior vice president and manager of Business and Development for InfoTech Alliance. “Our partnership with Banker’s Toolbox reinforces our commitment to help our clients reduce their risk exposure. BAM provides a cost-effective solution for banks to easily identify unusual activity in their customer base through on-demand or scheduled reporting and then automatically manage the reporting process.”
BAM provides banks an end-to-end system for researching, analyzing, identifying, documenting and reporting unusual customer transactions. The software allows users to compile and store data while identifying high-risk and potentially fraudulent activity patterns. From detection to production, BAM saves time and resources by automating the entire compliance effort, aggregating and complying data to produce Suspicious Activity Reports (SAR).
“More banks are realizing that manual account monitoring practices are antiquated, and comprehensive automated software is necessary to ensure full compliance,” said Daniel Cho, chief executive officer at Banker’s Toolbox. “Community and regional banks, such as InfoTech Alliance’s customers, are facing increasingly sophisticated criminals and more regulatory oversight. We are excited to work with InfoTech Alliance to serve the BSA/AML needs of their customers.”
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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. For more information, visit the company's Web site at www.bankerstoolbox.com.
About InfoTech Alliance
Raleigh, N.C.-based InfoTech Alliance has provided exceptional service to community banks for more than 30 years. With state-of-the-art processing facilities, comprehensive product offerings and a team of banking and technology experts dedicated to exceeding our clients' expectations, we have become a trusted name in the industry. InfoTech Alliance provides comprehensive product offerings that include account processing, all day and same day banking, online banking and ATM services. For more information, visit the company’s Web site at www.infotechalliance.com.
SOURCE: Banker's Toolbox