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AML/CFT

American Bank | Manage Wire & BSA/AML Processes

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The Challenge: Adapting to Existing Systems

American Bank, N.A. (Corpus Christi, Texas), a community bank with 13 branches and $1.37 billion in assets, has been using software from Abrigo to manage Bank Secrecy Act/Anti Money Laundering (BSA/AML) compliance and wire transaction processing since 2005. The system was initially selected because of the strong integration with the bank’s core system, PhoenixEFETM and endorsement from Harland Financial Solutions.

In 2008, the bank brought in Stacey Galary as the new senior compliance officer. Galary was tasked with managing the bank’s automated processes, including getting up to speed on the existing systems from Abrigo, BAM+™ and WirePro™.

WirePro affords us the opportunity to include wire activity in all our monitoring. ACH and wire transactions are two of our highest risk channels for BSA, and using WirePro with BAM+ is the key to mitigating that risk.He was impressed with us moving forward with BAM.
Stacey Galary, Senior Compliance Officer, American Bank, N.A.

The Solution: BAM+, WirePro Ease of Use

Abrigo’s BAM+ is an automated system for collecting, analyzing and reporting on suspicious transactions in compliance with BSA/AML regulations.  The system identifies high-risk activity with real-time or scheduled reporting. The platform also includes automated Suspicious Activity Report (SAR) management, giving BSA officers access to the most detailed reports available, down to individual tellers on suspicious transactions.

WirePro automates the back office workflow for wire fund transfers. In addition to streamlining the incoming and outgoing wire process, the system integrates with BAM+ to ensure wire transactions are appropriately monitored for compliance with BSA/AML regulations.

The Result: Streamlined Resources in the BSA Department

Galary said in the time she has been with American Bank, BAM+ has become the heart of the BSA/AML program.

“BAM+ enables us to do in-depth monitoring of risk factors and issues that we could never do in a manual setting,” Galary said. “The reporting enhances Suspicious Activity Reporting (SAR) and enables us to carefully monitor risk factors so that we can appropriately allocate resources to the most needed areas.”
American Bank also incorporates WirePro’s reporting features into their BSA/AML program to ensure no transactions slip through the cracks. Galary added that Abrigo has worked tirelessly to make sure her bank maximizes their investment.

Compliance is a cost center, but BAM+ and WirePro enable us to work more efficiently and harness costs to an appropriate level for our size. Abrigo helps us see, and plan for, the big picture.
Stacey Galary, Senior Compliance Officer, American Bank, N.A.

Automate Your Back Office Workflow for Wire Fund Transfers

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