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BSA Technologies & OMI Partner to Provide Integrated Communication & Compliance Services to the Financial Services Industry
Atlanta, Georgia based OMI and BSA Technologies (BSAT) have formed a strategic partnership to integrate OMI’s Statement2web and TransXaction™ communication services with BSA’s software application BSA RADAR®, a solution that provides a comprehensive approach to customer due diligence, automated client risk rating and transaction monitoring processes in one easy to use application. BSA RADAR’s® primary objective is to provide an efficient way to capture, store, analyze and report customer information needed to comply with Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) regulations while simplifying the account opening process. The partnership will assist credit unions and bank clients in lowering their costs by automating existing compliance processes that are currently performed manually. In addition, BSA RADAR® will further improve the quality of the clients overall AML/CTF compliance efforts with changes in operational processes that address the many challenges of complying with the USA PATRIOT Act and the Bank Secrecy Act.
“Through this partnership, utilizing customer information we can assist our clients in identifying possible OFAC Specially Designated Person matches that will lead to enhancing our client’s compliance regime.” In addition OMI communication services will be utilized to deliver critical communications such as wire notifications, account related alerts, statements and other critical communications delivered to constituents associated with the Financial Institution.” said Brad Banyas, Managing Partner at OMI.
“BSA RADAR® is a welcome improvement to institutions that have been struggling to manage their account opening and customer due diligence process. BSA RADAR® is also a single repository of customer information which can provide management with comprehensive reports identifying account holders and relationships by risk stratification, high risk industries, high risk geographic areas or high risk transaction activity. The integration of OMI communication services such as Statement2web and TransXaction allow BSA Technologies to streamline critical communications real time for our clients “said Dominic Suszek, President of BSAT.
Today, financial institutions are consistently scrutinized in the area of governmental regulations. Since 9/11 and the creation of the USA PATRIOT Act, maintaining sound business practices and adhering to compliance policies are more critical than ever before. “In today’s financial arena, regulatory requirements necessitate integrated cost effective solutions that are more thorough. Institutions cannot afford to take any shortcuts or overlook any aspect of BSA compliance issues,” says Suszek.
Brad Banyas
Managing Partner
OMI
Main: (877) 377-7274
Cell: (678) 687-2185
Email:bbanyas@outsourcemanagement.com