STARS: AML Monitoring Solution for Smaller Financial Institutions

With the ever-increasing expectations on financial institutions to monitor transactions and manage alerts, many smaller financial institutions find themselves stranded somewhere between nerve-wracking reliance on severely limited reporting options from their core systems and an prohibitively large investment in an anti-money-laundering monitoring system that, in addition to the up-front costs, can create significant time demands on resources that are already stretched thin.

What’s a small financial institution to do?

Introducing STARS from AdvisX. Our Streamlined Transactional Analytics and Review Solution is the right-sized monitoring solution for smaller financial institutions. STARS offers a low-cost way to monitor transactions, generate alerts, and manage those alerts from identification to resolution.

AdvisX’s STARS system offers smaller financial institutions many key advantages.

  • Low start-up and ongoing monthly costs designed with real-world budgets in mind.
  • Peace of mind knowing that more than just structuring, but the more sophisticated money laundering typologies are being monitored.
  • Hands-on expertise from the AdvisX team in setting up data for periodic (typically monthly) analyses.
  • Secure data transmission via the AdvisX Risk Intel Center platform.
  • Ongoing optimization to keep alert noise to a minimum.
  • User-friendly case-management system.

The process is conducted in three phases.

Phase I: Discovery

Log into our secure platform and complete a questionnaire that helps us understand your BSA/AML risk profile and appetite and make sure the STARS program is built on a solid foundation customized for your institution. Securely upload additional files for consideration as needed.

Phase II: Implementation

We work with you to establish your anonymized member and customer database along with the identified transaction typologies and corresponding thresholds to look for in your data. We analyze it to provide you a starting point for typologies and thresholds, then adjust the settings to a level appropriate for your institution.

Phase III: Ongoing Monitoring and Optimization

On a periodic basis (for example, monthly), you upload your anonymized data to the platform. We crunch the data and upload to the STARS case management system a list of alerts that triggered based on the typologies and thresholds established during Phase II. As the process is repeated with each new period of data, the AdvisX team works with you to identify whether thresholds should be adjusted to reduce noise and improve the efficiency of future alert generation. The system is constantly getting smarter.

What’s more, we’ve designed this solution to specifically work within the budget constraints of smaller financial institutions. Contact us for a fee proposal geared to your specific needs.

Let STARS from AdvisX give you the peace of mind that comes from knowing your institution’s transactions are being monitored for more than just structuring in a way that is both efficient and effective.