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My EDD
BSA Radar's enhanced due diligence tool |
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BSA Radar’s My EDD module, the information gathered at account opening serves as a
basis of monitoring each client’s account activity and risk level. This information
includes: purpose of the account, source of funds and wealth, individuals with ownership
or control over the account, occupation or type of business, where the business is
organized, proximity of the customer’s residence, place of employment, or place of
business to the bank, customer’s primary trade area and whether international transactions
are expected to be routine, description of the business operations, the anticipated
volume of currency andtotal sales and more. Once all this information is gathered and
recorded into a client’s file, BSA Radar assists in keeping track of each client, their
activity and if any significant changes occur. |
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Evaluate & Assess
client files with efficiency and ease |
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| BSA Radar’s
efficient, easy-to-use My EDD solution takes the detailed information gathered about
personal and business account holders and creates a well-organized track record of their
banking habits and activities. Through this robust Enhanced Due Diligence tool, you can
easily and accurately identify those customers who pose a risk to BSA/AML compliance
by the type of transactions they engage in. Next, you can assign a risk level to these
customers, flag their accounts for further review and share the information with other
members of the organization including BSA Administrators.
With BSA Radar, bank personnel, officers, administrators and BSA administrators can utilize
the many benefits of the program and work together in watching over and identifying high-risk
customers or situations quickly. |
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Web-based Tools
Put powerful EDD tools on your desktop |
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With BSA Radar’s My EDD module, you’ll have powerful
EDD tools on your desktop at all times, in an easy-to-understand, interactive interface.
My EDD gives you the ability to perform various detailed functions that help you manage
your client information. Advanced searching and sorting capabilities give you a complete
view of each customer, their account data and their assigned risk level. Watch-lists, Flagged
Accounts, BSA Reviews and more allow for constant examination of accounts and communication
between bank personnel, officers, administrators and BSA Administrators. The seamless technology
of BSA Radar connects every level of your organization together to ensure that every client
account is properly managed with regards to BSA compliance. |
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| BSA
Radar’s Powerful Web-Based Tools |
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Simplify
new account openings and documentation process |
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Efficient
documentation workflow for reviewing & approving |
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Automatically
apply the account risk rating stratification
uniformly across all account types |
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Compile
customer information in an effective concise
data gathering session |
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Create
a repository of searchable customer information |
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Easy
to use & Secure application available remotely every
day of the week from any location with internet access |
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Reporting Capabilities
Generate
valuable reports with one click
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| BSA Radar’s
built-in reporting capabilities allow different members of your institution
the ability to generate useful reports aiding in the effective management of your EDD
processes. The intuitive reporting facet of the My EDD Module provides reports and
sorts customers based on NAICS Codes, by branch, by Risk Code, by New Accounts, by
Country, by Officer or by Responsibility Code, by EDD status and more. These advanced
reports can be automatically run and created and ensure that you have the ability to
identify any changes in risk. With BSA Radar, you’ll have a clear view of your EDD
status, quick, easy and efficient methods of assessing and analyzing your client base
and a constant way to review your EDD compliance processes. |
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Uphold Regulatory Compliance
By knowing your client base |
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With BSA Radar’s state-of-the-art technology, you
can now gain control of your client base while upholding the proper regulatory
compliance. You can also ensure that each client’s profile remains current and that their
level of risk is assessed throughout their relationship with the bank—making necessary changes
and adjustments as they occur. Know which clients represent a higher risk and easily and
effectively control the necessary processes associated to maintain BSA compliance. BSA Radar
supports your efforts to prioritize risk within your entire enterprise in a secure, protected
environment. There’s never been a better way to identify who your clients are and to assess
and monitor their risk level. |
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