Redi BSA

A recent ABA survey revealed that when banks were asked what regulators focused on most during their last bank exam, 52% of the respondents said it was the Bank Secrecy Act (BSA). And 23% said their last exam was harder than the one before.

Let’s face it, BSA is here to stay and its requirements are not getting any easier to fulfill. Redi Software’s latest product is a turnkey, enterprise-wide BSA solution for the financial industry. Redi BSA was created for those institutions that need more than what is provided in the Redi Anti-Money Laundering System.

Redi BSA consists of the following components:

• Customer Due Diligence – Integrates a due diligence questionnaire through the New Account Platform System as required by examiners
• Automated Risk Rating – for both new and existing accounts
• Transaction Processing – Utilizes both dynamic analysis and statistical analysis capabilities in peer-group processing
• Enhanced Due Diligence – Tracks tasks required for follow-up by setting up “ticklers” that require dates for task completion
• Integrated Electronic Case Management – Allows “drag and drop” capabilities from anywhere in the institution. Users can add a case from Fraud, Internal Embezzlement or Money Laundering Activities that stores documents, pictures, images, etc. electronically creating a better audit trail.
• Automated SAR Reporting from Case Management – for both printed and electronic forms
• BSA Education – Provides a framework for the automation of education allowing the user to teach departmental responsibilities as they relate to BSA. The user can create tests or quizzes where results can be reported to either management or examiners.
• Reporting – for all standard reports required by the institution’s examination manual along with an “Examination Preparation Wizard” to design and build customized reports.