AML Anti-Money Laundering in New York 

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AML Anti-Money Laundering in New York

Maintaining anti-money laundering (AML) compliance is a critical part of your business’s operations. At Bates Group, our specialists provide consulting services for AML anti-money laundering in New York. For AML compliance services for money-service businesses in New York and nationwide, reach out to our team today. 

What Is Anti-Money Laundering?

Money laundering is the act of disguising or hiding financial assets that have been procured through illicit activity. When there is criminal money laundering, the financial assets appear to be legitimate without the detection of illegal activity. 

The Bank Secrecy Act (BSA), which was originally passed in 1970 and has since been amended, established procedures for combating money laundering. Today, businesses are required to develop, implement, and maintain anti-money laundering programs in compliance with BSA regulations.

AML Compliance Programs

An anti-money laundering program must meet certain requirements in order to be in compliance with federal regulations. Our team will help you to develop and implement your AML program in compliance with all regulations. Required elements of an AML compliance program are as follows:

  • AML compliance officer. The development of an AML compliance program starts with assigning a compliance officer who will be responsible for implementing, overseeing, and maintaining the compliance program. 
  • Independent audit and testing. All compliance programs must be tested and audited by an independent third party. If this requirement is not satisfied, then the program is not in compliance with federal regulations. 
  • Employee training. All relevant employees should be properly trained and training should be ongoing. 
  • Risk assessment. Before any policies or procedures can be designed or implemented, a thorough risk assessment must be conducted to identify the business’s specific risks as they pertain to money laundering. 
  • Internal policies and procedures. Financial firms are obligated to perform regulatory due diligence, including Customer Due Diligence (CDD) and Know Your Customer (KYC) requirements. 
  • Report suspicious activity. Internal policies and procedures should be designed to detect, prevent, and report suspicious activity. All red flags should quickly be exposed and acted upon, including things such as large transactions, fake client data, etc. 

How Bates Group Can Help

At Bates Group, we specialize in AML compliance and helping your money-service business meet requirements established in the Bank Secrecy Act. We have years of experience and a team of experts. We can support your business in designing, implementing, and maintaining an AML compliance program. We also offer third-party audit and independent testing services for firms. Further, we perform robust risk assessments that inform the design of compliance programs.

Get Support with Your New York AML Anti-Money Laundering Compliance Program

Failure to maintain AML compliance as a money-service business can result in severe consequences, including financial penalties. In order to design, develop, implement, and maintain a compliance program that satisfies all regulations, you need an AML compliance professional working for you. For services for AML Anti-Money Laundering in New York, reach out to the professionals at Bates Group today. We are available online or by phone to get set up with an initial consultation.

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