The Bank Secrecy Act (BSA) is one of the most aggressively
enforced banking regulations facing today's financial institutions.
BSA/AML, USA PATRIOT ACT and OFAC compliance violations can expose
an institution to serious regulatory and reputational risks.
Few institutions maintain the necessary in-house expertise to
meet today's demands. Our BSA/AML specialists are prepared to
provide institutions of all sizes and complexities with the
assistance necessary to develop, implement and maintain an
effective program. Specifically, we can provide your institution
with:
BSA/AML Compliance Audit/Independent
Testing
- Continuous Audit Model
- Comprehensive Scope
- Enterprise-wide Approach
Advisory Services
- BSA/AML and OFAC Compliance Program Design and
Implementation
- BSA/AML and OFAC Compliance Training (BSA, AML, USA Patriot
Act) Development and Delivery
- Board of Directors
- Management
- Staff
- On-the-job training
- BSA/AML and OFAC Risk Assessment
- Conduct annual risk assessment
- Evaluate existing risk assessment
- BSA/AML and OFAC Policies and Procedures
- Develop
- Update for new requirements
- Assess existing policies and
procedures
- BSA/AML and OFAC Monitoring
- Review applicable requirements across
all business lines
- AML Software
- Assist in vendor discussions and in
selecting AML software
- Perform post-implementation review of
AML software
- Assist in customizing and
parameterization of AML software to suit your needs
- Assess existing parameters
- AML System Validation
- Conduct validation required for new AML
systems and for changes to existing AML
systems
- Verify data integrity
- Look-back Reviews
-
- Identify
potentially suspicious activity for SAR filing purposes
-
- File
suspicious activity reports as required
-
- Quality
Assurance reviews to ensure SARs are thorough and sufficient for
the applicable regulatory authorities
-
- Conduct
follow-up for SARs
-
- Maintain
required documentation of SAR investigations
-
- Assess
adequacy of "Know Your Customer" and "Customer Identification
Program"
- Transition Management
- - Enforcement Action Assistance/Remediation
Our enterprise-wide advisory services coupled with our
innovative, continuous-audit model provides the assurance you seek
by:
- Identifying gaps in your BSA/AML compliance program
- Addressing key strategic issues
- Maintaining an effective testing and reporting strategy
- Strengthening internal controls through effective BSA/ AML and
OFAC monitoring
- Conduct targeted request
- Perform periodically or ongoing
- Assess and evaluate existing monitoring
program