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Benchmark Technology Group BSA Navigator
Enhanced in June 2010, BSA Navigator, Benchmark Technology Group’s branch compliance platform is a worthy candidate for the 2010 BankNews Innovative Solutions Award due to the increased efficiency it offers community banks in terms of:
Reduced risk of non-compliance with AML, OFAC and BSA regulation. Banks are most vulnerable to non-compliance at the teller line, where turnover rates are approaching 50 percent, according to TowerGroup. High rates suggest that tellers seldom reach the point where they are truly fluent in terms of regulatory requirements and ongoing changes. BSA Navigator automates BSA, AML and OFAC compliance by prompting tellers to implement regulatory requirements during suspect transactions while leading them through required compliance procedures that are often cumbersome to perform because of ongoing policy changes.
Improved reporting. Customer information that must be entered into required reporting documents is collected by the teller during the transaction or automatically extracted from transaction history in the core system. Such functionality enables customer transactions to be analyzed and filtered to simplify the review by compliance officers the following day.
Protection against common criminal tactics. BSA Navigator can be configured to also monitor cash transactions that occur outside branches that may be used to avoid detection such as wire transfers, ATM deposits and structuring or “branch hopping.” By monitoring such activity that is often used by criminal groups, community banks further reduce risk of non-compliance.
Improved customer service. By shifting the compliance burden away from tellers, banks can significantly improve their confidence levels when it comes to monitoring and reporting suspicious transactions, while enabling tellers to focus on interacting with customers and identifying cross-selling opportunities. Simplifying tellers’ duties when it comes to compliance makes it easier for them to provide the level of customer service and interaction that attracts customers admire about community banks.
Benchmark Technology Group
www.benchmarktechnologygroup.com