AML Compliance in San Francisco 

AML Compliance in San Francisco

Anti-Money Laundering (AML) rules are a part of the Bank Secrecy Act, a set of regulations that are intended to prevent and uncover illegal activity like money laundering or financing terrorism. There are a number of financial institutions which are required to maintain compliance with BSA/AML regulation, including but not limited to banks, credit unions, insurance companies, casinos, and even travel agencies. If you are in the process of developing or updating your San Francisco business’ AML compliance program, you may consider reaching out to a professional. Bates Groups’ goal is to help banks and other Money Services Businesses develop or enhance their BSA/AML compliance programs in order to manage risk and remain current with the most recent regulation.

What is the Bank Secrecy Act?

While additional regulations have since been created, the original Bank Secrecy Act was first passed in 1970. According to the Federal Financial Institutions Examination Council (FFIEC) the purpose of this law was to “help identify the source, volume, and movement of currency and other monetary instruments transported or transmitted into or out of the United States or deposited in financial institutions.” 

Under the Bank Secrecy Act, regulated businesses must develop compliance programs, report suspicious activity, and report certain cash transactions over $10,000. A bank may also be required to maintain records of account statements, several types of deposits and withdrawals, customer identification, and more. These records must be kept for at least five years. Understanding how these regulations apply to your business is an important part of developing policies and procedures that communicate to employees what actions need to be taken and when in order to maintain compliance. 

Basics of Anti-Money Laundering Compliance Programs

According to the Financial Industry Regulatory Authority (FINRA), there are certain minimum requirements that a bank or other business must meet with their compliance program. Not only must a program reasonably comply with AML rules, it must also include ongoing training for personnel, be approved by a senior manager, and have the implementation of the program independently tested. 

The purpose of an independent review is to assess the effectiveness of compliance programs with specific industry needs and standards in mind. A review from Bates Group will evaluate existing policies before developing a plan that is designed with the intent of improving your compliance program and managing risks related to money laundering and other criminal activity. 

Contact Bates Group to Discuss Your Compliance Program

Whether you are looking to update your existing compliance program or develop a program for the first time, you may find it helpful to speak to a professional. At Bates Group, we have over 40 years of experience to help your business search for gaps in their compliance programs and work to manage the risks involved. Contact us today to schedule a consultation about our BSA/MLA compliance programs in the San Francisco area.