AuditLink, the audit and compliance division of CU*Answers, expanded on its robust anti-money laundering software with the fall release of the core data processing system CU*BASE. “We wanted to solve an age-old problem that most AML software providers have been unable to solve for years,” said Jim Vilker, VP and leader of AuditLink. “That problem is how do we know what accounts a specific member hit with cash activity outside of the one they are primary on.”
CU*Answers attacked this in a two-phase approach. First was to augment the teller system to allow a teller to select who they were currently serving during the transaction. This could include the primary member, joint owner, or non-member. This information is stored with every teller transaction the member performs. The second phase was to change the way the AML software aggregates and reports the activity to include the member currently being served.
AuditLink’s financial intelligence unit, who performs this analysis for 93 credit unions coast to coast, began beta testing this new feature in the late summer and has since uncovered situations that other core providers and AML software providers still struggle with. “We have a unique cooperative model here that lends itself well to this kind of development. We have married software developers, innovative core systems, and practitioners all under one roof with one goal: to drive down the cost and burden of compliance for our owners,” Vilker added.