Also, because you define the “normal” ranges of transactional activity within your customer base you can easily filter out false positives, saving you time. Additionally, BAM+ gives you the ability to add notes and attach files so that your investigation trail is documented for the examiners to review. Documentation is critical, so BAM+ makes it as easy as possible for you and your staff.
The BAM+ detection engine is a learning system that becomes more intelligent over time.
Our risk-scoring model follows FFIEC guidance and incorporates product, location, customer type, business type, transactional volumes, quality of relationship and previous suspicious activity. It also incorporates other user-defined risk factors. All of these factors are fed into a robust risk-scoring model to produce a comprehensive risk score.
With the risk rating model contained in our BSA/AML software solution, you have you have the flexibility to determine and define the number of risk points assigned to various risk factors applied to each account. This gives you complete control in defining and setting your risk tolerance as well as the ability to adapt to new and emerging risks.
At every turn in the process, BAM+ allows you to document your investigation and decision making process. Electronic comments can be left documenting actions that clarify to regulators when and why certain decisions were made.
BAM+ is an end-to-end application that takes each incident from the initial investigation, through SAR preparation, approval, filing, acknowledgement, and the renewal process. With multiple permission options, you can tailor employee roles to best fit your compliance needs, ensuring quality control and confidentiality.
Our branch solution offers customer-facing staff the ability to record supplemental information that may be unavailable through traditional host/teller system feeds. This information is merged nightly with transactional data to assist with aggregation and auto population of the CTR form itself.
Because BAM+ is customizable, it allows you to set the transaction count and dollar amount ranges for each transaction type on both your personal and business accounts. Our anti-money laundering software also offers the ability to define a series of account opening questions specific to your financial institution; including those pertaining to beneficial ownership of corporate entities.
An added “Notes” section allows your front line staff to document any additional information related to the account at the time of opening, as well as offering your back office staff a place to document results of regular customer reviews. We understand the importance of documentation.
Negative News continuously searches National and International news sources, including watch lists, for risky behavior and financial crime keywords such embezzlement, fraud, bribery, convicted, money laundering, etc. and provides them to you in an aggregate format.
Not at Risk for FCRA – Because Negative News pulls data from public National and International news sources it is not at risk for FCRA.
Negative News helps with a variety of critical functions such as:
- Enhances Your KYC Program
- Provides Risk Rating Support
- Assists with Due Diligence
- Supports SARS Completion
WLM scans your customers and transactions for possible hits against The Official Special Designated Nationals and Blocked Persons List (SDN), the Official Palestinian Legislative Council List (PLC), the Sanctioned Country List and Section 311 List, and The CIA Chiefs and State and Cabinet Members of Foreign Governments List (PEP).
WLM is an affordable solution to the ever-increasing prices of other OFAC scanning engines and also integrates seamlessly with our industry leading wire automation software, WirePro.
QAR provides direct communication between customer facing users and BSA compliance area without interrupting the daily workflow. QAR automatically keeps an audit trail of the conversation flow between reporters and reviewers. It allows office staff to confidentially report on any suspicious activity they identify from both internal and external sources, and the reviewer can request additional information from the creator. Once reviewed, QARs can be escalated to the Case Management Platform for further review and reporting as warranted. Additionally, QARs can be escalated to Alerts if warranted.