Abrigo Financial Crimes Solution

The Abrigo Financial Crimes Solution is a software package designed to provide financial crime compliance for banks and credit unions. It includes anti-money laundering (AML) software and fraud prevention software tailored to the unique needs of each financial institution. According to the vendor, the solution can help institutions detect, manage, and resolve suspicious financial activity.

Key Features

BAM+ AML Solution: The configurable anti-money laundering (AML) software adjusts to detect, manage, and resolve suspicious financial activity based on the institution's risk profile. According to the vendor, it provides transparency into AML efforts and helps institutions have confidence during exams. The solution aims to reduce false positives and improve the handling of potentially suspicious activity.

BAM+ Fraud: The fraud prevention software alerts institutions to potential fraud and provides a central case management system. According to the vendor, it utilizes artificial intelligence (AI) to create smarter alerts and reduce false positives. The software aims to identify, detect, and stop fraud more accurately and efficiently, protecting institutions and customers/members from bad actors.

Advantages of Abrigo's AML Solutions and Fraud Prevention Software: According to the vendor, the solutions are supported by former bankers, BSA Officers, and regulators. They use industry data to ensure effectiveness in preventing financial crime. The vendor claims to offer over 250 years of combined BSA/AML expertise. The solutions provide reporting and data insights for program optimization and staffing decisions.

Integrated Systems with Abrigo: The vendor collaborates with organizations like Advanced Fraud Solutions, NominoData, and Q6 Cyber to enhance fraud prevention. These integrations into the Abrigo suite of products aim to help institutions identify, resolve, and prevent financial crime.

BAM+ AML Solution Features and Functionality: The solution streamlines, manages, and reports on all aspects of the institution's AML program from one location. According to the vendor, it includes data validation to ensure accurate customer and transaction data. The solution allows direct filing of CTR and SAR batches to FinCEN and offers automated risk rating customized to the institution's risk tolerances. Advanced reporting capabilities aim to enable data-driven decision-making. The solution also includes OFAC screening to identify alerts from scanned watchlists. Machine learning scenarios are used to uncover anomalies and gain insights about customers or members. The solution provides customer due diligence functionality for efficient compliance. Specific features are available for managing risk related to cannabis-related businesses. The vendor claims to offer risk-based calibration and documentation for better program optimization.

BAM+ Fraud Features and Functionality: The solution offers a centralized case management system for tracking and resolving fraud cases. According to the vendor, it provides single- and multi-channel fraud detection for comprehensive coverage. The solution utilizes artificial intelligence (AI) and machine learning (ML) for more accurate detection. Specific features are included for detecting and preventing various types of fraud, such as check fraud, ACH fraud, new account fraud, wire fraud, debit card fraud, and check deposit fraud. The solution aims to prevent check kiting and floating of worthless checks. It provides alerts on account-based scenarios based on drastic changes in prior behaviors and offers collaborative features for internal fraud reporting and standardized data input.