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#612464 - 09/12/06 07:35 PM ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
MS
A few questions:
1. Does anyone use US Patriot Officer AML software ? If so, have you found it very irritating that they hardly provide any training or guidance? We have found that the "User Manual" is not "user friendly" and are beginning to doubt our decision.
2. Can a few of you tell me what AML software you use, are you happy with it, is it providing true potential suspicious customers, etc?
3. We use Kirchman BankWay software and would like a system that files feed from BankWay easily into and PRIME is one such system. However, we have been told by a somewhat reliable source that PRIME cost over $200,000 !

Any input you guys can give will be helpful. Thanks !
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#612465 - 09/12/06 08:07 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Spenser Offline
Member
Joined: Apr 2006
Posts: 52
Washington state
We are on Bankway, too. And, we've been shopping for AML software. So far, we've had a Bankers Toolbox demo and will be having demos by Partiot Officer and Verafin, as well. Also, we've met with a Metavante rep, who indicated that they are working on AML solutions, that don't require purchasing the whole Prime product. Has anyone from Kirchman/Metavante contacted you to inquire about AML concerns and needs?

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#612466 - 09/12/06 08:54 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
smoothsailing Offline
Junior Member
Joined: Feb 2006
Posts: 47
Quote:

A few questions:
1. Does anyone use US Patriot Officer AML software ? If so, have you found it very irritating that they hardly provide any training or guidance? We have found that the "User Manual" is not "user friendly" and are beginning to doubt our decision.
2. Can a few of you tell me what AML software you use, are you happy with it, is it providing true potential suspicious customers, etc?
3. We use Kirchman BankWay software and would like a system that files feed from BankWay easily into and PRIME is one such system. However, we have been told by a somewhat reliable source that PRIME cost over $200,000 !

Any input you guys can give will be helpful. Thanks !




We implemented a product called RiskTracker a while back, and yes it has lived up to expectations. It identifies true suspicious activity, and has satisfied our regulators immensely. We are very happy with the service we get, as well as the product itself. We have never second guessed our decision as you are doing now. As for cost, it is very affordable, with no hidden fees or expenses. We also use it for fraud detection as well. Patriot Officer is good at yelling how the ABA and NYB Association promotes their system, so it must be the best. However, remember, along with that promotion comes a cost........

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#612467 - 09/12/06 09:24 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
devsfan Offline
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Joined: Jun 2004
Posts: 1,927
NYC
We use BSA Manager from Bankers Toolbox. Our core system (Horizon) feeds BSA Manager and it works well.

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#612468 - 09/12/06 09:42 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
campste Offline
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campste
Joined: Jun 2002
Posts: 145
LA
We're also a horizon user, would you mind giving me some info on how to contact someone about seeing a demo or finding out more about BSA Manager. Thanks.

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#612469 - 09/13/06 05:44 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
MS
Spenser,

Can you tell me what size your bank is ?

Thanks.
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#612470 - 09/13/06 07:55 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Spenser Offline
Member
Joined: Apr 2006
Posts: 52
Washington state
Our asset size is 3.2 billion and we have 45 branches.

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#612471 - 09/13/06 08:03 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
CrashDavis Offline
Gold Star
Joined: Jun 2005
Posts: 283
Spenser, we are also use Bankway, how much do you use Bankways AML solutions. Also how do you use the reports. PM me with your phone number, I would like to talk to you.

Thanks

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#612472 - 09/13/06 08:19 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Rather be in Vegas Offline
100 Club
Joined: Oct 2005
Posts: 248
Florida
Spencer, how many employees do you have in your BSA area?
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#612473 - 09/13/06 08:19 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
MS
Just adding information about my bank. We are 1.8 billion, FDIC regulated, have three in the BSA Department (have separate CIP area), moderate SAR filings and we bank MSBs (under 100 at this time). FEW non-resident aliens.
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#612474 - 09/13/06 08:28 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Spenser Offline
Member
Joined: Apr 2006
Posts: 52
Washington state
I'm one of three Compliance Officers, and we have a Compliance Department manager. I'm also the BSA Officer, and we have a support person, who assists me with BSA issues, and assists the other two officers in Lending compliance issues. So, the whole department has a total of five people, with me as the dedicated BSA person.

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#612475 - 09/14/06 10:53 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Spenser Offline
Member
Joined: Apr 2006
Posts: 52
Washington state
Baseballfan, I tried to PM you, but I don't think it went through. My 'PM sent list' shows 0. I'd like to talk with you about Bankway, too. I met with reps from Metavante, today, and AML solutions was certainly a topic.

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#612476 - 09/14/06 11:03 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
BillyBob Offline
Member
Joined: Aug 2006
Posts: 78
We are using PO with a good deal of success. However, it is not the most user friendly application that we have. So far, we have not identified a better more comprehensive solution. We are about $8 billion in assets with 144 b ranches in 4 states to give you an idea of size and complexity. Our regulators are familiar with and like the appliucation as well.
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#612477 - 09/15/06 12:43 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
rdelgado Offline
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Joined: Dec 2005
Posts: 116
Quote:

Spenser, we are also use Bankway, how much do you use Bankways AML solutions. Also how do you use the reports. PM me with your phone number, I would like to talk to you.

Thanks




We use Kirchman Bankway as well, and those AML reports are a major sore spot for us.
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#612478 - 09/15/06 05:55 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
BankerMama Offline
Diamond Poster
BankerMama
Joined: Jun 2001
Posts: 1,543
You have to schedule training. We had a trainer onsite for a full week prior to using Patriot Officer.

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#612479 - 09/15/06 05:57 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
BankerMama Offline
Diamond Poster
BankerMama
Joined: Jun 2001
Posts: 1,543
Billy Bob, we use Patriot Officer as well. Curious.....what version are you using?

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#612480 - 09/15/06 05:59 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Spenser Offline
Member
Joined: Apr 2006
Posts: 52
Washington state
BankerMama, did they charge you a fee for the training, or was it part of the package?

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#612481 - 09/16/06 12:15 AM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
BillyBob Offline
Member
Joined: Aug 2006
Posts: 78
We are running 7.0 and are making arrangements to upgrade to 7.1 next month.
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#612482 - 09/18/06 04:54 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
BankerMama Offline
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BankerMama
Joined: Jun 2001
Posts: 1,543
It was extra but I couldn't immagine trying to work with the software without going through this. Part of the training was to help us set up the rules. The charge was a little more than $300 per hour plus her travel expenses. They do have an option to obtain the training without being in-house. I suggest that you ask about it.

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#612483 - 09/21/06 01:20 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Janec Offline
Junior Member
Joined: Feb 2006
Posts: 48
For Jack Henry banks, they have a product called Yellow Hammer, which we use. It covers both fraud and money laundering. It is a fairly new product for Jack Henry and is being expanded and improved as the users make requests and suggestions. I have no idea of cost but so far we have been satisfied with the product. It is tied in with the core system so is able to aggregate all activity on an account, including wire transfers, and aggregates all accounts related to a CIF record.

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#612484 - 09/22/06 05:58 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
MN
I just received a letter that looks like JackHenry is coming out with another AML solution as well...its very eacly so they haven't give many details, but we'll probably look at it.

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#612485 - 09/22/06 08:41 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
BankerMama Offline
Diamond Poster
BankerMama
Joined: Jun 2001
Posts: 1,543
They are probably coming out with a new product because Yellow Hammer doesn't measure up to other AML software.

However, it is great for fraud

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#612486 - 09/27/06 08:24 AM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
wavewatcher Offline
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wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
anyone using Focus Technology? We have a fiserv CBS system. We'd like to talk to a FI who is not on the referral list if possible.

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#612487 - 09/29/06 02:03 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
AnnRoy Offline
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AnnRoy
Joined: Jun 2002
Posts: 771
South
For those banks on Kirchman Bankway, has your bank used the AML Cash Structuring Reports?

My bank is over 575M with 15 branches and are also struggling with the manual processes for BSA monitoring and would like an affordable and effective automated solution to this BSA "nightmare"!!!

Has anyone check out The Cash Transaction Monitor product by Wayne Barnett Software? He offers a free 30 day demo and the website address is: http://www.barnettsoftware.com/msfp/products.htm.

He also publishes a BSA Newsletter is located on the same site.
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#612488 - 09/29/06 02:48 PM Re: ANTI-MONEY LAUNDERING SOFTWARE QUESTION(S)
Elwood P. Dowd Offline
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Joined: Aug 2001
Posts: 21,939
Next to Harvey
I've sat through a demo of the Barnett software and was impressed with the product. It's largely focused on cash, but it's at the low end of the pricing structure for AML type software and would represent a dramatic improvement in monitoring capabilities in most community banks.

I don't have a business relationship with the firm; I've spoken to Mr. Barnett, but never met him.
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