BSA Technologies signs Kantor to use the BSA RADAR, a management solution for financial institutions.
Online PR News – 23-February-2011 – – Miami, FL (February 23, 2011) - BSA Technologies, Inc.
Kantor, Ltd. signed with BSA Technologies (BSAT) to begin utilizing 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. 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 Terrorism Financing (CTF) regulations. The solution will assist Kantor in risk rating new account openings as well as risk rating existing relationship. In addition, BSA RADAR® will further improve the quality of the Canadian foreign exchange company’s overall AML/CTF compliance efforts with changes in operational processes that address the many challenges of complying with the Office of Superintendent of Financial Institutions – Canada (OSFI) and Financial Transactional Analysis Centre of Canada (FINTRAC), and this is exactly what attracted Kantor to BSA RADAR®.
“Through this robust tool, utilizing the customer profile information gathered at account opening and maintained throughout the life of the client relationship, you can easily and accurately identify those customers who pose a risk to AML/CTF compliance” said Roman Galoushchak, General Manager of Kantor.
“BSA RADAR® is a welcome improvement to institutions that have been struggling to create a single repository of customer information which can provide management with comprehensive reports identifying account holders and account relationships by risk stratification, high risk industries, high risk geographic areas or high risk transaction activity” said David Jones, Vice President of BSAT.
Today, financial institutions are consistently scrutinized in the area of governmental regulations. Since 9/11 and the creation of the Proceeds of Crime, Money Laundering and Terrorist Financing 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. Money service businesses, foreign exchange companies, banks and credit unions cannot afford to take any shortcuts or overlook any aspect of AML/CTF compliance issues,” says Dominic Suszek, President of BSAT.
About Kantor, Ltd. Headquartered in Toronto, Ontario, Canada, as a community based company since 2001 Kantor has built a strong reputation as one of the best currency exchange companies on the North American foreign exchange market. Kantor offers a powerful suite of global money conversion and payment solutions providing the best foreign exchange currency rates that enable its customers to manage their unique currency exchange requests both securely and safely.
About BSA Technologies, Inc.
Dominic Suszek is the President of BSAT. Following a successful career as a banker with more than 23 years of expertise in small to mid-size community banks, 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 anti money laundering requirements globally. Formed in 2007, BSAT services clients in the US, Canada, Central and South America and the Caribbean region.