BCI Signs with BSA Technologies for BSA RADAR

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Banco de Credito e Inversiones (BCI), Chile’s third largest private bank, signed with BSA Technologies to utilize BSA RADAR, a solution used by financial institutions to create and manage the Customer Due Diligence and Enhanced Due Diligence processes globally.

Banco de Credito e Inversiones (BCI), Chile’s third largest private bank, signed with BSA Technologies to utilize the software application BSA RADAR, a comprehensive, easy-to-use, automated solution used by financial institutions to create and manage the Customer Due Diligence and Enhanced Due Diligence processes.

“Finally, a tool to easily facilitate the account opening process globally and to manage complex corporate structures has arrived!” says Michele Fernandez, Vice President and BSA Officer of BCI.

What attracted BCI to BSA RADAR was the convenience of being able to simplify and facilitate their account opening procedures and the ability to manage the customer due diligence information and account documentation process, as well as easily identify and document complex ownership structures of commercial relationships. BSA RADAR connects BCI offices in the US and Latin America instantly allowing for the effective management of the account opening process and workflow from inception to final approval and throughout the life of the relationship.

BSA RADAR’s primary objective is to provide an efficient way to capture, store, analyze and risk rate accounts and relationships as required by Anti-Money Laundering (AML) regulations and regulatory expectations. It assists organizations in lowering costs by automating processes that are currently performed manually.

“With this robust tool, utilizing the customer profile information gathered at account opening and throughout the life of the client relationship, BCI will be able to easily risk rate and manage all client profiles, including those with complex corporate structures,” said Fernandez.

“BSA RADAR is a welcome enhancement to institutions and agencies that have been struggling to establish an automated risk rating mechanism and to create properly documented account profiles,” said Dominic Suszek, President of BSA Technologies, Inc.

Today, financial institutions are consistently scrutinized in the area of governmental regulations and regulatory oversight has evolved to match the complexity of financial transactions and account structures. Since the creation of the USA PATRIOT Act and U.N. Security Council Resolutions on Anti-Money Laundering and Counter Terrorism Financing, maintaining sound banking 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 and that can address new regulatory concerns. Banks cannot afford to take any shortcuts or overlook any aspect of AML compliance issues,” says Suszek.

About Banco de Credito e Inversiones
Headquartered in Santiago, Chile, Banco de Credito e Inversiones (BCI) is Chile’s 3rd largest private bank. BCI offers a wide range of banking and other financial services to individuals and businesses alike. The company operates in three segments: retail banking, commercial banking and investment banking. As of December 31st, 2009, the bank operated a network of 332 offices nationwide and conducted business in six countries through a branch in Miami, Florida, USA, four representative offices in Peru, Brazil, Mexico, Hong Kong and a business office in Madrid, Spain.

About BSA Technologies, Inc.
Dominic Suszek is the President BSA Technologies, Inc. (BSAT). Following a successful career as an executive with more than 25 years of expertise in the financial services and banking sector, Suszek and his team of compliance professionals and software engineers created BSA RADAR a risk management application to assist financial institutions in creating operational efficiencies to manage compliance risk. BSAT is a very successful software company focusing on the requirements of USA PATRIOT Act and the United Nations Security Council Resolutions on Anti-Money Laundering and Counter Terrorism Financing. Formed in 2007, BSAT services clients in the US, Canada, Central and South America and the Caribbean.

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