MidCountry Bank Slashes False Positives, Improves Alert-to-Case Ratio with BAM+
MidCountry Bank Slashes False Positives, Improves Alert-to-Case Ratio with BAM+
3 Pagesabrigo.com QUALITY OVER QUANTITY Many financial institutions have implemented automated transaction monitoring systems to help BSA professionals identify suspicious activity, but not all anti-money laundering software is built the same. When MidCountry Bank, a regional community bank in central Minnesota, switched to Abrigo’s BAM+, they immediately slashed the number of false positive alerts it had been receiving with its previous provider. “We went from thousands of alerts a month to hundreds,” said Chad Winker, BSA Officer at MidCountry Bank. “We used to have a whole lot of false positives.” With their previous FinCrime management solution, the BSA department was constantly chasing down low- quality, duplicative alerts. Now, when MidCountry Bank gets an alert with BAM+ they
