Summary
This case study outlines how a New York-based bank addressed staffing challenges within its Bank Secrecy Act (BSA) department by utilizing Abrigo's Suspicious Activity Monitoring Services (SAMS). The bank, with assets of $8 billion, faced difficulties after two employees resigned, leading to a high volume of alerts that the remaining staff struggled to manage. To mitigate this issue, the BSA officer initiated a three-month trial of Abrigo's services, allowing for immediate support while searching for new hires. The partnership proved effective, with Abrigo's trained analysts quickly integrating into the bank's operations, enabling the team to maintain compliance and meet deadlines. The collaboration not only helped manage alerts but also received positive feedback from examiners, who appreciated the quality assurance processes established between the in-house staff and Abrigo. Ultimately, the bank transitioned from a trial to a long-term contract, outsourcing a significant portion of its alert management to Abrigo, which allowed in-house staff to focus on more complex tasks.
