One of our posters mentioned using Bankers Toolbox BAM (BSA Anti Money Laundering Mmgt System). I would love to hear from anyone else who is currently using the software: your satisfaction level with the product, how many hours you think you are saving by using software instead of a strictly manual process, and (if possible) the cost of the software.
I'd also like to hear about any other AML software products anyone is using.
Thanks!
p.s. Automated aggregating systems for CTR reporting and our ability to detect structuring were pretty big items during our recent BSA exam!

We have used the Bankers Toolbox software for three years are are very pleased with their service and technical expertise as well as their banking knowledge. We were under a consent order and could not have gotten out from under it without BAM. Their ability to aggregate transactions and connect various types of transactions (cash, wire, monetary instruments, correspondent bank) for suspicious activity identification and monitoring was a big plus and I believe you'll find their cost to be very competitive, it varies according to your asset size and transaction volume.

We looked at BAM from Bankers Toolbox, as well as Searchspace, and BANKDetect. We chose RiskTrackerAML from BANKDetect for several reasons. First, overall our bank was also looking for an automated analysis system for Fraud Detection too. BANKDetect was the only vendor we found who offered the complete package for both Fraud and Compliance. We also installed their fraud modules. Second, we were very impressed with the overall analysis that the system performs. That includes analysis on all types of transactions (cash, checks, wires, ATM's, ACH, Loans, etc.) and how they relate to each other and historical transactions. The user friendly interface was also a selling point, as well as the feedback from current clients. One of the biggest reasons we also went with RiskTrackerAML was that BANKDetect already had clients running on the Metavante system which is our host system as well. Furthermore, we are contemplating a switch to Jack Henry Silverlake system at the end of the year. We were also pleased to find out that they had JH clients as well on both their Fraud system AND their AML system. This meant we could get up and running quickly with a smooth and seamless implementation, even if we switch hosts.
I suppose it all matters what product you think best suits your needs. We had a checklist of required things, and desired things. BANKDetect seem to satisfy more of them than other vendors. Good luck in your decision. I apologize for not signing in with my bank name for you. One of our many internal bank "policies" is that no employee can register online for any type of online chat room discussion. Dumb in a case like this, but that's the way it goes. We are $1.3B in assets.

oops. I meant we are an ITI bank (under a bank holding company), looking to possibly move our host to JH Silverlake, although we did look at Metavante. But again, we were pleased to find out that we had references to their product on each of these host systems. Good luck again.

We're a JH Silverlake user and have just installed Yellowhammer...It seems to be working well, although it's not as efficient yet as it will be once account tracking has more history to it...it is helping us find many more MSB's, MTB's , etc. already.