Banker's Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check fraud, announced that Whittier, Calif.-based Friendly Hills Bank, ($90 million in assets) has implemented Banker's Toolbox's Bank Secrecy Act / Anti-Money Laundering Management (BAM(R)) software to provide comprehensive automated money laundering prevention services and WirePro(R) for complete wire processing automation.
Friendly Hills Bank selected Banker's Toolbox because of the software's ability to streamline the process of detecting and reporting suspicious transactions among the bank's two branches serving Whittier and Santa Fe Springs, Calif. and their surrounding communities. Friendly Hills Bank also cited the software's compatibility with DCI (Data Center Incorporated)'s iCore360(R), the bank's core system. By combining all wire and Bank Secrecy Act (BSA) operations into an integrated program, Friendly Hills Bank can increase efficiency and ensure accuracy in reporting.
"As our bank grew, it became increasingly labor-intensive to monitor cash and wire transactions manually using spreadsheets," said Glyenis Hart, senior vice president and operations manager for Friendly Hills Bank. "Banker's Toolbox enables us to automate the collection of data, monitor all transactions easily using one system, and create wonderful, easy-to-understand reports."
Banker's Toolbox provides a single vendor option to banks to help discover and respond to suspicious transactions, process wires and integrate teller cash reports with wire reports. In addition to BAM, Friendly Hills Bank implemented the Banker's Toolbox's WirePro software to simplify the processing of wire transactions.
"WirePro changed our approach to processing wires and let us create the reports we need to balance with the Federal Reserve," continued Hart. "The system enables us to process incoming and outgoing wires and automatically archive all of our data."
"Community banks need an efficient and cost-effective system to continuously monitor a variety of transactions and activity," said Daniel Cho, chief executive officer of Banker's Toolbox. "Our solutions make it possible for Friendly Hills Bank to reduce the time associated with transaction monitoring while providing practical tools to protect against money laundering and comply with BSA/AML guidelines."
About Friendly Hills Bank
Friendly Hills Bank is a community bank with more than $90 million in total assets at March 31, 2010, providing financial services to customers in the Los Angeles and Orange County areas of California. The company fulfills the financial needs of individuals, businesses and professionals and offers full service commercial banking products. Established in 2006, Friendly Hills Banks was formed by members of the community seeking an alternative to the larger financial institutions in the area.
About Banker's Toolbox, Inc.
Austin, Texas-based Banker's Toolbox, Inc., helps banks manage risk and streamline compliance examinations. The company's product suite consists of affordable solutions for money laundering detection and reporting, risk management through fraud and kite prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment.