Case Study: Devon Bank improves compliance monitoring with Banker’s Toolbox

Devon Bank Maximizes Investment in Existing Compliance Technology Through Consulting Services

Devon Bank, a Chicago community bank with $301 million in assets, needed help meeting increasingly strict BSA/AML compliance requirements after its primary compliance officer resigned and its team was left short-handed. The bank had implemented Banker’s Toolbox’s Bank Secrecy Act Anti-Money Laundering Management System (BAM) with the Enhanced Due Diligence module, but needed guidance to use the software effectively within a tight budget.

Banker’s Toolbox provided consulting services to help Devon Bank fully leverage BAM, configure reporting, and strengthen account monitoring for high-risk activity. With ongoing support from Banker’s Toolbox, Devon Bank improved transaction monitoring, gained easier access to detailed account activity reports, and successfully completed multiple compliance exams and audits with FDIC regulators noting increased efficiency.

Devon Bank

Ging Siromaskul

Vice President BSA/Risk Management Officer