Money Laundering Detection

BAM+ helps financial institutions streamline their BSA/AML compliance programs, making life easier and more efficient. Because you’ll spend less time researching and compiling reports, your staff can better focus on the truly suspicious activity. Having a little flexibility is good, which is why BAM+ allows you to cross reference data in various ways, making sure you can meet the requests of your regulators. Our scenarios combine multiple forms of financial crime detection logic, so you’ll have confidence in your solutions.

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.


Data Validation 

BAM+ gives financial institutions confidence in their transaction data by performing an advanced data validation. The system performs data validation as well as provides import audit reports. This allows you to quickly confirm that your transaction and customer data is feeding correctly into the system. Additionally, our Branch Entry feature offers an alternative way to gather transactional information at the front line for inclusion in the BSA/AML solutions.


Automated Risk Rating 

Our BSA/AML solution allows Financial Institutions to methodically risk-rate every account simultaneously based on multiple elements.  This is done with initial risk scoring as well as on-going risk scoring.

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.


SAR Preparation & E-Filing

With our BSA/AML solution you can either gather suspicious activity through related scenario-produced alerts or enter the data directly into the application through ad-hoc reporting. Whichever option you choose, the relevant information will be auto populated, saving you time and effort.

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.


CTR Automation

Our CTR automation solution gives financial institutions an automated process to aggregate data and auto populate potential Currency Transaction reports to be filed with FinCEN. In addition, you have the ability to create and maintain special “CTR Relationships” within the program to link people and entities for aggregation purposes who are associated with one another but do not share an account.  We streamline the completion of CTRs by prefilling beneficiary and conductor information supplied through the transaction feeds, as well as from prior CTR fillings.

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.


Case Management

BAM+ was designed with the user in mind. That means the work-flows are easy to use and streamlined to be efficient and understandable.  It also means decision making transparency is built into the system so that you have full oversight over every aspect of the process.  BAM+ provides customized reporting based on your needs, including reports for Auditors & Examiners, making sure you always have the answers when you need it most.


Enhanced Due Diligence

Our EDD solution allows you to record all of the pertinent information to satisfy your customer due diligence (CDD) requirements. A separate MSB/NBFI tab prompts users to collect required information specific to MSB regulatory compliance and log it directly into our money laundering detection software. Once captured, reports can be run at any time to detect anomalies between customers’ current and anticipated activity.

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

Research made quick and easy. Negative News allows financial institutions to research recent and historical negative news and provides risk-relevant data for individual and corporate accounts making your compliance process easy, accurate and cost-efficient.

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

OFAC Sanctions Screening

Our WatchList Manager (WLM) solution uses a combination of advanced screening technologies that work together to identify name matches and variations of names on the scanned watch lists.  It has user-defined sensitivity settings that are configurable by scan or type of scan, which helps balance false positives.  Our solution also features a web module that allows you to scan from New Accounts, Teller Line, or anywhere else within your institution.

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.


Branch Reporting

Our Questionable Activity Report (QAR) integrates with BAM+ as a “pre-alert” to provide a quick and efficient method of communication between a branch office or department and your central compliance/fraud department. This allows initiation and follow-up on the reporting of suspicious activity. QARs can be created for both customers and non-customers.

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.