RiskScout, a financial regulation technology company, is excited to announce its comprehensive BSA/AML solution designed to help financial institutions grow more efficiently and profitably while keeping their communities safe from financial crime. This innovative suite streamlines BSA compliance tasks and reduces costs, while unlocking new revenue streams for community banks and credit unions.
“While financial crime is growing faster than ever, financial institutions have had to deal with outdated technology, unnecessary complexity, and expensive renewals from legacy providers,” said RiskScout Co-Founder and CEOĀ Justin Fischer. “RiskScout has taken direct market feedback and developed innovative tools that fit financial institutions of all sizes so they can focus on serving their communities.”
Key Features of RiskScout’s BSA/AML Solution:
- Tailored Transaction Monitoring:Ā Customize your rules-based system and adjust alert thresholds to align with your unique customer/member risk profile.
- User-Friendly System:Ā Designed by BSA professionals for BSA professionals, our platform is intuitive and easy to understand.
- Rapid Efficiency Gains:Ā Achieve efficiencies within days of contract signing, eliminating months of waiting for a return on investment.
- Real-Time Communication and Collection:Ā Don’t rely on the front line and unanswered emails for document collection and case investigation – communicate securely with customers & members for faster resolutions and documented evidence.
- Market Expansion:Ā Grow your deposits by working in new and underserved markets while feeling confident with your risk management.
- Integrated KYC/KYB:Ā Scan for sanctions, watchlists, adverse media, business structure, and licensing with automated ongoing monitoring and onboarding assistance.
“I know that RiskScout’s BSA/AML solution will be triumphant, since the creation comes from masters in the field and the feedback from us bankers,” saidĀ Sharon Sabatino, SVP Compliance Officer at WestTown Bank & Trust. “Say goodbye to the ‘one size fits all’ canned systems and hello gorgeous, where have you been all my banking life!”
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