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AML/CFT

Purdue Federal Credit Union | BAM+

The Challenge: The Search for a New Vendor

The time had come. Danna Rozhon, BSA Officer at Purdue Federal Credit Union, was not happy with the credit union’s previous BSA/AML software. With a lack of adequate reporting, unfriendly customer service,
and limited customization within the old system, Danna knew it was time to switch.

Purdue Federal’s main goal in searching for a new software partner was to improve reporting. “We would go into audits and the NCUA would ask for different types of reports and things… We didn’t have a lot of that capability,” Danna said. The prior system
was “an out-of-the-box product that would not allow you to make a lot of adjustments.” Furthermore, the vendor was looking to dramatically increase price at renewal.

Disappointed in the previous system, Danna’s team decided to look for other vendors. They wanted to maintain the functionality they had in finding suspicious activity and fraud, but they knew there had to be a better system that would allow them to take their program to the next level. That’s when they found Abrigo.

We were looking for something where we would have the tools to drill it down to more of our membership base and what our account activity would be.
Danna Rozhon, BSA Officer

The Solution: Stronger Capabilities and a Trusted Partner

In Danna’s search for a new solution, there were two characteristics that set Abrigo apart: the capabilities of the software and the culture of the company.

With BAM+, Danna liked that she could adjust parameters on a group level. On the previous system, she could only make adjustments on the account level, which was “pretty time consuming,” Danna said. This time around, Danna’s team needed a solution that was easily customizable to fit their unique needs.

Additionally, Danna’s team was impressed by the robust reporting capabilities. With BAM+, she could run a report and determine normal cash flow, outliers, why they should be looking at certain people, and more. By doing so, they received far fewer false positives.

Beyond the software, Danna felt that the Abrigo team aligned with the credit union’s values. She wanted a partner who would value her, just as credit unions value their members. Knowing that she would need to rely
on a vendor for an ongoing relationship, she was sure to choose one that she could trust. “Credit unions are all about their members,” Danna said. “I get that same sense from Abrigo.”

The Result: An Increase in SARS and a Happy Audit

After 5+ years as a BAM+ user, Danna couldn’t be
happier with the move. By switching to BAM+, Purdue Federal’s BSA program has improved. The developments are evident by both their SARs filed and their most recent audit.

Since implementing BAM+, Purdue Federal’s SARs
have actually doubled. BAM+ provided them with a
better, clearer picture of potentially suspicious activity.

According to Danna, they are now able to get more
out of their information and pinpoint activity that truly requires their attention.

But what was best part of switching to BAM+? A happy audit! Danna says that her auditor from the NCUA really liked what he saw as far as what they are reporting on and what they are catching. He asked for a specific cash transaction report, and he analyzed the data to see if they had caught and filed SARs for potential structuring.

“It was a good check tool to make sure that we were doing that,” Danna said. “He saw that it was working for us the way that we had it programmed.”

Stories like Danna’s show the importance of choosing the right vendor. Knowing what you’re looking for is half of the battle, and Danna’s team did. The improvements in their program are proof that they made the right choice, and we are happy to have them as part of the Abrigo family!

The reports we can pull from BAM+ actually reduced our false positives and improved our results.
Danna Rozhon, BSA Officer

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