NBC Oklahoma Streamlines BSA/AML Monitoring with Banker’s Toolbox

North Hollywood, Calif., Nov. 16, 2009 – In response to bank growth following a merger, Oklahoma City-based NBC Oklahoma ($425 million in assets) has implemented Bank Secrecy Act/Anti-Money Laundering (BSA/AML) software from Banker’s Toolbox to streamline and enhance the monitoring, analysis and reporting of suspicious transactions.

In a move to replace a manual BSA/AML process using spreadsheets, NBC Oklahoma implemented Banker’s Toolbox’s Bank Secrecy Act/Anti-Money Laundering Manager (BAM®) to streamline the collection and analysis of suspicious transactions across the bank’s eight branches. The software also integrates with the bank’s core system, Open Solution’s Total Plus®, eliminating the need to duplicate transaction entries and saving time in generating reports. The bank also praised the software’s ability to easily pull data from all channels – including wire, ACH and ATM – to view a customer’s total banking profile.

“It is impossible to manually review transaction data from eight branches when trying to make determinations about suspicious activity,” said Maureen Carollo, senior vice president of Compliance and BSA officer at NBC Oklahoma. “Using Banker’s Toolbox, I can quickly pull data from anywhere in the bank, analyze the transactions and generate the reports needed for compliance exams.”

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.

The bank also said the financial industry and compliance experience at Banker’s Toolbox was a significant factor in their selection.

“During our vendor due diligence, several of the companies with which we spoke focused on the data but failed to understand the banking needs behind the numbers,” Carollo said. “Banker’s Toolbox’s implementation and service personnel are bankers who understand BSA and what a bank like ours needs to maintain compliance.”

“BSA officers can no longer rely on manual spreadsheets to compile, review and process the thousands of transactions going through their bank,” said Daniel Cho, chief executive officer at Banker’s Toolbox. “Using BAM, NBC Oklahoma will be able to strengthen their compliance procedures and protect the bank from illegal transactions without sacrificing time or quality.”

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About NBC Oklahoma
Oklahoma City-based NBC Oklahoma is a full-service bank focused on providing the highest quality financial products and services to the people and businesses in our communities. The bank offers personal and commercial banking services that build the communities we serve. For more information, please visit the bank’s Web site at www.nbcok.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, commercial real estate loan portfolio risk assessment, risk management through fraud and kite prevention and secure wire processing automation. 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.

SOURCE: BANKER'S TOOLBOX, INC.