We are considering breaking down and finally purchasing some software to assist with BSA/AML. Any suggestions? We are a very small bank so we are looking for something that is efficient and affordable. Thanks!

I went to a BSA meeting August 2011 and there was a bank that began using something called "BAM" which is offered through Banker's Toolbox. I received a brochure on this product recently & because I'm looking for it now, I can't find it. Hmmm.
In any case, if you do a search for that product I'm sure you can find information.

The banker that used the program stated that they are also a very small bank. Auditors were encouraging them to look into software to assist with their processes. It was the most economical that they'd found.

I hope this helps. If I can find the brochure, I'll send you the contact information.

I was about to go search Bankers Toolbox for that as well! Thanks!

We just signed up for BAM and will be running implementation over the next 90 days after looking at several options.

I have been using BAM for almost two years now. It's a good product with a strong SAR Manager and an ok CTR Manager. Reports can be viewed across most, if not all products. You can even run Statistical Management Reports to justify your parameters. Their support staff is helpful and usually gets issues resolved quickly.

That said you have to validate the incoming data each morning. This can be time intensive and if your IT department cant/wont handle it, the BSA area will have extra work to do.

If you have any specific questions, feel free to PM me.

Check with your processor for recommendations. They may be partnered with someone and already have interfaces and processes developed.

Fiserv is our core processor and they have a product that we are looking into. It seems a bit pricy though... and to be honest, I haven't been impressed with much that comes from Fiserv. This could be the exception however... Has anyone compared the two?

We too are a Fiserv bank, but we went with Verafin (a BOL advertiser and supporter) over Fiserv's AML Manager. Cost was a big factor, but my concern with AML Manager is that it was simply another company Fiserv bought (NetEconomy) and spent the last 2-3 years integrating to functionality with their cores rather than continuing to make it a better product. It seemed to have some nice features, but also did not seem to scale (down) well to bank size, and still seemed cumbersome, and too rules based. When I was asking about specific functionality, I got a lot of "yes, we have heard that request as well, and plan to look at that down the road."

What we liked about Verafin is that besides having the standard rules, it also used fuzzy logic, so it can also offer you customers potentially working on the fringe that you would not normally pick up on with standard rules based programs like BAM and AML Manager. Also, the case management portion are easy to work, they include a vendor management component as well as standard in the product, and are very easy to work with. If you have a recommended change they seem to try to get working on it and use feedback to continually update their product, versus Fiserv, where special request and recommendations seem to end up filed away never to been seen again.

Thanks for the information Jay. I will look into Verafin as well.

If this is your first venture into BSA Software, I would recommend go with BAM.
I have used a number of programs, and some were better and some were worse than BAM, but as a starter program, I think BAM is the best (you did not state anything about your size in the posting, so I am assuming that you are a rather small bank). Unless it has changed significantly since I last used it about 3 - 4 years ago, it was a simple low maintenance program. I would not recommend it for a large national or multi-national bank, but for a small bank, it may be good enough.

You may outgrow BAM in a few years but I was using it just fine at a 21 Branch $2.3 billion Bank.

Yes, we are very small. Only 1 branch and just under $100 million in assets.

I agree with Just Jay. We switched to Verafin last year and have been extremely happy with it. Not only does it manage BSA/AML, but it also combines fraud, risk and vendor management in one software. If you would like more information feel free to send me a PM.

I had BAM in a previous life & in my current one I use Verafin.

It's all based on your core & implementation. I loved BAM's functionality & staff - but we were with ITI & implementation was a beast & they have their own BSA program now - so I've heard through the grapevine that the maintenance on BAM has been near impossible.

Verafin's been great, but I'm on a new core for them, so it's been a year of glitches and bumps. Good news is, I have a dedicated team who give me updates every week. But I'm also a programmer/BSA Officer ... so my knowledge has helped tremendously. IMHO - if you don't have a dedicated IT team to help you through ... it doesn't really matter what system you buy.

Look at cost, functionality, how it will mirror your current program. & how much is your IT department willing to help you.

We are a Fiserv bank. We also considered the Fiserv product, but decided to go with Bankers Toolbox (BAM) about 3 years ago. The beginning implementation process did take awhile, but that is to be expected, and most of the delays were from Fiserv's end setting up our queries. Our experience has been good, examiners and auditors have been happy with our report monitoring and risk rating system, and issues have been few and far between (they have good customer support).

We are on OSI and are a Verafin user and have been for several years. I second the great features and customer service that JustJay mentioned.

(not as) - what core are you? We we're a newer core platform for them as well.

We use Jack Henry and it feels outdated.

We are a FiServ bank and I find AML Manager to be somewhat overwhelming. If you want the "reporting package" you have to buy it, because the standard report support is lacking. I just don't lieek it, overall.

We are a Fiserv bank and chose AML Manager as well. We have been using the product for 3 years I believe and still do not fully understand it. We are not at all satisfied with the product. I think a large part of the problem is the lack of support that is offered. It seems like we wait weeks to get responses to questions. AML Manager is very complex and in my opinion not user friendly. However, this is the only AML software that I have used so there is nothing that I can compare it to.

Good luck in your search!

We are on Horizon and use BAM.
I have used BAM for about seven years and find it very easy to work with, great support staff and a reporting function that none of the others seem to match.
We looked at Verafin; and liked a lot of it, but the reporting function was what made us stay with BAM.

We've been using Patriot officer for a number of years. It is well received by the examiners. It is also very expensive (it would be jaw dropping for your size bank) and each time you call for help it will cost a minimum that is also over the top. We have invested too much into it to change, however, I would recommend you look at all your costs to use, esp. training, help desk, etc. etc. Hidden costs must be identified.

Keep in mind that all prices are negotiable. I know of banks that have gotten very significant discounts off the inital price quote in negotiations with vendors.

Agreed.

I used to work for a smal bank and they ad BAM... I love it is a very easy software. I started working in a new bank a few months ago and they use AML Manager (Neteconomy)Fiserv and I dont like it, is not a user friendly program. I always recomend BAM.. Im trying to convince my new Bank to switch to BAM

BAM rocks. jmho

We use Patriot Officer, but Verafin is another one that I find very interesting. We are not planning to switch, but if I had to choose a new vendor, I certainly would explore Verafin.

We are currently trying to wrap up our search for software as well. BAM and Verafin are both very interesting products.

When looking at price, remember that some of these applications are hosted solutions and others require an in house server and all the maintenance that comes with it. I've talked to people who see pros and cons with each.

Another important thing is the interface with your core processor and platform. Make sure that either it has been done already or that it can be done and what the costs are to make it work.