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#1584884 - 07/28/11 08:46 PM Automated Transaction Alerts
AquaMarine Offline
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Joined: Jun 2011
Posts: 156
New York, NY
What is considered as "Automated Alerts" for account transactions? Does the system automatically generate alerts for potential SAR warranted activity? How does the whole process work? What are the recommended AML software that has such feature?
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#1584896 - 07/28/11 09:02 PM Re: Automated Transaction Alerts AquaMarine
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,159
New York City
Automated alerts are red flags generated by a BSA/AML monitoring software which alert the BSA/Risk Management Department(s) to potentially suspicious activity. The alerts are based on parameters established by the bank. For example, the bank may decide it wants to review all cash deposits between X and Y amounts over Z time frame. This is just a basic example and depending on the software, the alerts can drill down on various areas.

Almost all the major AML software vendors (Banker’s Toolbox, Patriot Officer, etc.) have some version of automated alerts.
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#1584919 - 07/28/11 09:29 PM Re: Automated Transaction Alerts ACBbank
ackcompliance Offline
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How big do you think a bank should be before they should consider having BSA/AML software?

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#1585069 - 07/29/11 01:47 PM Re: Automated Transaction Alerts ackcompliance
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
Unless you can continually monitor all the activity in all your accounts within a reasonable time frame – you need software.
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#1585134 - 07/29/11 02:50 PM Re: Automated Transaction Alerts ackcompliance
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,159
New York City
Originally Posted By: ackcompliance
How big do you think a bank should be before they should consider having BSA/AML software?


It really depends on the size of the bank, as well as the products offered. There really isn't a number threshold I could give you. If you're at a point were it is overly burdensome to manually review cash, wire, ACH, etc. activity, you need to purchase a software product.
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