HomeTown Bank Cuts BSA/AML Compliance Reporting Time by 80 Percent

AUSTIN, Texas--(EON: Enhanced Online News)--In its efforts to continuously improve their Bank Secrecy Act/Anti-Money Laundering (BSA/AML) procedures, Galveston, Texas-based HomeTown Bank ($350 million in assets), has implemented Banker’s Toolbox’s software, BAM® to automate the bank’s process for monitoring and reporting suspicious transactions across its four branches.

“BAM also enables me to spend 80 percent less time on reporting. I can complete all my reports in one day, compared to the five I used to need.”

HomeTown Bank selected Banker’s Toolbox’s BAM software to replace a manual process of working through transaction spreadsheets to seek out suspicious cash and wire activities. The bank selected Banker’s Toolbox over other options because of the software’s integration with their core processing system, Fidelity Information Services’ BancPac®, and the flexible and user-friendly interface.

“BAM provides us with several benefits, with the most important being how easy it is to examine all transactions from all branches in one system,” said Alyssa Lozano, vice president for HomeTown Bank. “BAM also enables me to spend 80 percent less time on reporting. I can complete all my reports in one day, compared to the five I used to need.”

BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data across all branches. The system identifies high-risk activity with real-time or scheduled reporting and automates the management of Suspicious Activity Reports (SAR).

Lozano added that their first BSA/AML audit using BAM was very successful, with the bank receiving praise for their system, process and reporting tools.

“Catching potential money launderers requires banks to have sophisticated systems to analyze transactions at all branches and using all cash, wire, monetary instruments, ACH, and other transaction channels,” said Daniel Cho, chief executive officer at Banker’s Toolbox. “BAM simplifies this process by streamlining data and enabling BSA officers to focus on transactions that pose the highest risk.”

About HomeTown Bank

HomeTown Bank, National Association ($350 million in assets), has been operating out of Galveston, Texas, since 1969. The bank offers a broad range of banking services, including personal and business checking accounts and various types of interest-bearing deposit accounts, including interest-bearing checking, money market, savings, IRA, and time certificates of deposits. For more information, visit the bank’s website at www.bankofgalveston.com.

About Banker’s Toolbox, Inc.

Austin, Texas-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, commercial real estate loan portfolio risk assessment, risk management through fraud and kite prevention and secure wire processing automation. 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 website at www.bankerstoolbox.com.