Automation Puts Muscle in Royal's Background Checks
Back office automation is aiding the $1.3 billion Royal Credit Union with its critical compliance activities and at the same time, executing several key growth strategies.
The credit union in Eau Claire, Wis., is using the WatchDOG Wire solution from ATTUS Technologies Inc. in Charlotte, N.C., to automate the background checks that come with wire transfers, including Office of Foreign Assets Control, Bank Secrecy Act and other anti-money laundering requirements.
“In a lot of institutions, processes can be very manual and involve a number of different touch points,” Thomas explained. “That can mean the member fills out a form and then someone checks the information in a spread sheet and types in names that are then run against an OFAC checker or the list, all before the wire can be approved internally and sent to the FedLine system.”
Now, instead of a wire being handed off from a teller to a customer service representative to an approver or OFAC check or wire person, the whole process can be viewed online instead of through paper being passed along, Thomas said.