Community Business Bank's Success StorySaco & Biddeford Savings Institution Seeks Out Banker’s Toolbox for BSA Automation
North Hollywood, Calif., July 7, 2009 – Banker’s Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check fraud, announced that Saco, Maine-based Saco & Biddeford Savings Institution ($750 million in assets), an independently owned community bank, has implemented Banker’s Toolbox’s Bank Secrecy Act / Anti-Money Laundering Management System (BAM®) to provide automated money laundering reporting and prevention services to its six branches.The bank, which uses Fidelity Information Services’ MISER core processor, selected Banker’s Toolbox because the BAM software creates a more efficient system to protect the bank from illegal cash transactions among their branches located in Southern Maine. BAM replaced a time-consuming, manual process that consisted of reviewing many spreadsheets and wire reports, which left a lot of room for manual error.
“Our bank experiences a large influx of cash transactions seasonally due to our location near vacation areas. When we added a new branch in January, we needed to add an automated system because BSA/AML monitoring was becoming too large a job to do manually,” said Tony LeBlanc, vice president and BSA officer for Saco & Biddeford Savings Institution. “We will not have to keep manual logs anymore. Time is money, and the less time our branches spend on BSA reports, the better customer service they can provide.”
BAM provides automated software to help banks in locating and countering money laundering and other suspicious transactions. The program has the capability to identify high-risk accounts and unusual customer transactions through real-time and scheduled data reporting. The software also includes automated Suspicious Activity Report (SAR) and risk report management, providing BSA officers access to the most detailed reports available, down to individual tellers on suspicious transactions.
“BSA/AML regulations are getting more demanding, and now is the time for banks to put more secure, automated systems in place,” said Daniel Cho, chief executive officer of Banker’s Toolbox. “BAM enables banks such as Saco & Biddeford to enhance their transaction monitoring and reporting while also reducing the resources needed to maintain a high level of regulatory compliance.”
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About Saco & Biddeford Savings Institution
Saco, Maine-based Saco & Biddeford Savings Institution is an independently owned and financially sound bank with assets reaching $750 million. The bank was founded in 1827 and provides superior financial products and services to meet the evolving needs of its customers and communities in a customer-focused culture. For more information, visit the bank’s Web site at www.sbsavings.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. For more information, visit the company's Web site at www.bankerstoolbox.com.
SOURCE: Banker's Toolbox