Updated: Aug 28, 2019
Austin, Texas – August 20, 2019 – Abrigo, a leading provider of compliance, credit risk, lending, and asset/liability management solutions, announced the ability for their customers to detect state-licensed cannabis-related businesses (CRB), thanks to additional anti-money laundering (AML) scenarios in BAM+ and a new watchlist within BAM+ Scan.
BAM+ is the Bank Secrecy Act (BSA) and AML solution from Abrigo, formerly known as Banker’s Toolbox, used by banks and credit unions to detect, identify, and resolve suspicious activity.
Powering the new scenarios and watchlists is data from NominoData, including 150,000 rows of information on state-licensed marijuana and CBD-based businesses. This new data includes up-to-date information about CRBs, expanding the data available in the BAM+ platform, including BAM+ Scan. Because marijuana is federally illegal, and CBD and hemp must meet several qualifications (both state and federal) to be fully legal, there is no central repository that exists with this information. This enhanced multi-factor monitoring helps financial institutions remain in compliance with the major of regulatory issues they currently face regarding the legality of CRBs at the state and federal levels.
These new scenarios and watchlist expand Abrigo’s five-year partnership with NominoData, which provides feeds to BAM+ regarding High-Intensity Drug Trafficking Areas (HIDTA), High-Intensity Financial Crime Areas (HIFCA), and negative news queries.
Dave McCann, Chief Technology Officer at Abrigo, explained, “The community financial institutions with which we work rarely have extra hands or resources who can do this kind of research on their own to protect the institution from risk. By adding in these CRB scenarios and the watchlist, along with other improvements we’re making this fall for reporting, we aim to get BSA officers the information they need and get it to them quickly so they can keep protecting their customers and the bank.”
These CRB scenarios and the watchlist will be available for BAM+ and BAM+ Scan customers on the next major feature release. The Abrigo Advisory Services team is also available to help bank and credit unions establish policies and procedures either for or against banking CRBs to reflect the institution’s strategy. Through an engagement with the Advisory team, institutions would receive a draft document that highlights gaps in policies and procedures and recommends changes for the institution to consider in advance of an audit or exam.
Abrigo is a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that community financial institutions use to manage risk and drive growth. Our software automates key processes – from anti-money laundering to asset liability management to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs. Visit abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
NominoData is a solutions company formed to help clients with worldwide identity, compliance, and risk management issues associated with modern day commerce. Our team leverages their expertise into innovative and productivity-boosting solutions that revolutionize their field.NominoData supplies both plug-n-play and integrated software solutions supporting the AML, money-laundering, HIDTA HIFCA, and financial industries dealing in fraud and compliance. To learn more, visit www.nominodata.com.