Does anyone posting use BAM™ (Bankers Toolbox - Bank Secrecy Acct Anti-Money Laundering Management System)?

Is it worth the money and easy to use?

I am also interested in finding out what users of this product think of it.

I have used the software for a few years and like it.
I find it user friendly and especially like that most reports can be exported to Excel.

I have heard that BAM is more cash, wire and ACH driven. Do you have issues with BAM not monitoring checks for kiting and fraudulent activities?

I haven't used it yet (have only seen demos and talked to folks who are using it) but I am signing the contract with them this week. I had it narrowed down to BAM and Patriot Officer and I like BAM better (seems more intuitive to use) and BAM is also going to cost us much less than PO.

I also really like the idea that BAM was created by real bankers who understand what we need to do for BSA/AML monitoring.

When reviewing BAM, I was concerned with the check monitoring issue first. Then it did not have CTR Electronic filing capabilities at the time of presentation and I did not want to be the test bank for that product. Also, we would need to use their WirePro for wire transfer screening. Our wire department uses Fedline for the Web and I did not want to introduce any new software to that area. Finally, I did not want to go to a third party for OFAC screening.

Was there anything you did not like about the product during your review?

The vendor is just introducing a separate product for check fraud and check kiting. It looks good.

Are you a BAM customer?

BAM has OFAC screening.
We also use Fedline for wires so we did not get BAM's WirePro module.

To Auditor217, yes we use BAM.

Are you manually comparing your wire info to OFAC?

The program that we use for wires, Warner, does the OFAC checks against all data in the wires.

Does your wire transaction info transmit into BAM for monitoring of suspicious activity?

Yes. Absolutely... and it can be exported to Excel, so you can sort it any which way.
All your data is uploaded nightly to the BAM server.
Cash, Wires, ACH, ATM, etc.