At last, a MDD/EDD system for smaller financial institutions (that doesn’t require any binders)…
With the ever-increasing expectations on credit unions to systematically know their members from account opening throughout the duration of the business relationship, larger credit unions have the luxury of building costly, elaborate systems to help them keep everything on track.
But for smaller credit unions, keeping everything on track frequently means trying to tie together a hodgepodge collection of spreadsheets and forms with incompatibly formatted reports from core systems, leaving an already stretched-thin BSA team finding itself falling further behind each month.
AdvisX has developed an app built on an off-the-shelf database tool that helps make member due diligence and enhanced due diligence manageable, even with limited resources and tight budgets. From account opening, to the 90-day review, to the annual enhanced due diligence for high-risk members, the Member Profile and Activity Monitoring System (MPAMS) is there to give you the tools to level the playing field at a surprisingly reasonable cost.
Here’s how it works:
AdvisX has developed a system to help your credit union establish a sound member profile and monitor transactional activity to alert you when that profile changes. This isn’t just a software app, it is a tool combined with the resources of the AdvisX BSA/AML team in a way that is cost-effective and efficient. There are three MPAMS modules available:
Module I: Member Profile Manager (MPM)
The MPM module is designed to receive data from existing core systems as well as data inputs from your account opening process to create profiles of your members based on your credit union’s established risk factors. MPM provides ongoing feedback on member BSA/AML risk levels and key mechanisms for tracking and documenting those risks.
Module II: AML Surveillance Monitoring System (ASMS)
AdvisX provides you with a surveillance monitoring system module aimed at identifying potentially suspicious transactional activity, such as summaries of cash, ACH, and wire transactions. Through this module of MPAMS, AdvisX works with you to receive data from source/core systems on a monthly or as directed basis and to provide a summary of transactional data to allow you to monitor activity for unexpected patterns.
Module III: AML Tracking Alert System (ATAS)
Under this module of MPAMS, AdvisX provides you with an AML Alert Tracking System. ATAS uses generated alerts and gives you a tool to manage and track alerts through disposition.
MPAMS is designed to:
- Calculate a risk score and assign a corresponding rating based on the member profile at account opening
- Alert you when it is time to conduct a 90-day review and when actual activity exceeds expected activity by established thresholds
- Alert you whenever a member’s risk rating changes to or from “high”
- Show you via tables and charts how the member’s activities compare to the same period the prior year or years
- Email you when it is time to conduct a site visit for each member
- And provide you with the flexibility to change configurations directly or, if you prefer, we can take care of it for you.
The best way to understand it is to see how it works. Contact us for a no-obligation demo and proposal by emailing us at email@example.com or by calling 1-888-980-1949.