InfoTech Alliance Recommends Banker’s Toolbox to Combat Money Laundering

Software offers comprehensive monitoring system to detect suspicious account activities

NORTH HOLLYWOOD, Calif.–(BUSINESS WIRE)–InfoTech Alliance, a community bank service provider based in Raleigh, N.C., today announced a referral agreement with Banker’s Toolbox, a North Hollywood, Calif.-based supplier of anti-money laundering detection and reporting solutions. As part of the partnership, InfoTech Alliance will recommend the use of Banker’s Toolbox’s Bank Secrecy Act/Anti-Money Laundering Management System (BAM®) to its financial clients.

Financial institutions face numerous challenges in complying with the anti-money laundering provisions set forth in the Bank Secrecy Act and Anti-Money Laundering rules (BSA/AML), namely finding adequate resources and the technical capabilities needed to effectively monitor, track and report suspicious transactions. To help its customers overcome these hurdles, InfoTech Alliance will recommend BAM to those who use its core and item processing applications.

“Part of our responsibility is to provide our clients with the most efficient tools available to comply with regulatory exams,” said Tim Seamon, senior vice president and manager of Business and Development for InfoTech Alliance. “Our partnership with Banker’s Toolbox reinforces our commitment to help our clients reduce their risk exposure. BAM provides a cost-effective solution for banks to easily identify unusual activity in their customer base through on-demand or scheduled reporting and then automatically manage the reporting process.”

BAM provides banks an end-to-end system for researching, analyzing, identifying, documenting and reporting unusual customer transactions. The software allows users to compile and store data while identifying high-risk and potentially fraudulent activity patterns. From detection to production, BAM saves time and resources by automating the entire compliance effort, aggregating and complying data to produce Suspicious Activity Reports (SAR).

“More banks are realizing that manual account monitoring practices are antiquated, and comprehensive automated software is necessary to ensure full compliance,” said Daniel Cho, chief executive officer at Banker’s Toolbox. “Community and regional banks, such as InfoTech Alliance’s customers, are facing increasingly sophisticated criminals and more regulatory oversight. We are excited to work with InfoTech Alliance to serve the BSA/AML needs of their customers.”

About Banker’s Toolbox, Inc.

North Hollywood, Calif.-based Banker’s Toolbox, Inc., helps banks manage risk and streamline compliance examinations. The company’s product suite consists of affordable solutions for money laundering detection and reporting, commercial real estate loan portfolio risk assessment, risk management through fraud and kite prevention and secure wire processing automation. The Banker’s Toolbox team is a unique combination of seasoned bankers and information technology consultants who specialize in designing, developing and implementing risk management solutions nationwide while providing unparalleled customer service to regional and community banks. For more information, visit the company’s Web site atwww.bankerstoolbox.com.

About InfoTech Alliance

Raleigh, N.C.-based InfoTech Alliance has provided exceptional service to community banks for more than 30 years. With state-of-the-art processing facilities, comprehensive product offerings and a team of banking and technology experts dedicated to exceeding our clients’ expectations, we have become a trusted name in the industry. InfoTech Alliance provides comprehensive product offerings that include account processing, all day and same day banking, online banking and ATM services. For more information, visit the company’s Web site at www.infotechalliance.com.

Contacts

For Banker’s Toolbox
Media contacts
David Jones, 678-781-7238
or
Elizabeth Salter, APR, 678-781-7224

LOS ANGELES–(BUSINESS WIRE)–Timothy Trainer, Global Intellectual Property Strategy Center, P.C., testified before the House Foreign Affairs Committee in Los Angeles today. “Governments around the world have enacted new and stronger intellectual property laws, seized hundreds of millions of dollars worth of infringing goods and prosecuted criminals, yet, the overall picture of global counterfeiting and piracy appears generally unchanged from a decade ago,” he testified. Trainer added, “the latest available customs seizure statistics for a one year period from the U.S., European Union and Japan total 80,000 border enforcement actions to protect intellectual property.”

Mr. Trainer referred to several specific cases within the past two years, including a case involving computer networking components and another involving attempts to enter hundreds of shipments into the United States. “The troubling aspect of these cases is that after many years of attacking this problem with raids, seizures, and prosecutions, we continue to see an onslaught of illegal activity that is undeterred,” he testified.

Trainer’s recommendations included the need for more enforcement resources, including the need for more Customs officers in the field because of the increased health and safety risks, but also due to the evidence of undeterred counterfeiters and pirates trading in all types of products. He added that, “the singular message of more IP enforcement may be insufficient and inadequate.” He urged the Government and industry “to become more creative and imaginative in their messaging about intellectual property by explaining and demonstrating the benefits and advantages of intellectual property.” In his list of recommendations, Trainer encourages Congress “to fund intellectual property programs for Executive Branch agencies specifically addressing public awareness and education programs.”

“It is no longer sufficient for us to rely on the simple message that more enforcement is needed. The concrete evidence tells us that we need a multi-dimensional approach to this problem. I am ready to contribute in that regard,” Trainer concluded.

Mr. Trainer established the Global Intellectual Property Strategy Center, P.C., in 2005. Through the firm, Mr. Trainer assists clients in drafting legislation and negotiating specialized intellectual property licenses. He also advises clients on corporate intellectual property enforcement strategic planning and monitors global developments in intellectual property enforcement. Mr. Trainer has conducted numerous intellectual property training programs abroad. He is also an adjunct law professor at American University and Thomas Cooley Law School.

Contacts

Global Intellectual Property Strategy Center, P.C.
Timothy Trainer, 202-955-1144
ttrainer@globalipsc.com
www.globalipsc.com