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AML Consulting in Washington, D.C. 

Home > AML Consulting in Washington, D.C. 

AML Consulting in Washington, D.C.

At Bates Group, we offer AML consulting in Washington, D.C. for money service businesses. Ongoing compliance with Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations is required for banks and money service businesses throughout the country, but designing and implementing compliance programs can be complex and time-consuming. When you hire our AML consulting firm, we can provide guidance for program development, enhancements, reviews, and more. Reach out to us today to learn more. 

The Bank Secrecy Act and Anti-Money Laundering Compliance

AML compliance regulations stem from the Bank Secrecy Act, or BSA. Passed in 1970, the BSA is designed to help U.S. government agencies in detecting and preventing money laundering. Today, money service businesses and banks are required to take robust action to detect, prevent, and report money laundering and terrorist-financing activities. Compliance is mandatory and penalties for non-compliance can be steep. 

Elements of an AML Compliance Program

An AML compliance program must have five primary components in order to meet compliance regulations. These include: 

  • Risk Assessment. An institution is required to identify the unique risks it faces, develop a risk profile, and then create a compliance program that is based around those risks. 
  • Review of Internal Controls. Reviewing internal controls means evaluating processes, procedures, and policies related to the institution’s ability to achieve AML compliance. It also requires developing practices and internal responsibilities for achieving AML compliance. 
  • Independent Testing. An independent audit conducted by a third party is an essential requirement of AML compliance. A review must take place every 12 to 18 months in most cases. 
  • Assigned Compliance Officer. An AML compliance program must include an assigned compliance officer who is highly knowledgeable in BSA and AML regulations and reporting requirements. 
  • Training. All relevant staff must be properly trained in the AML compliance program; ongoing training should be conducted as necessary and appropriate. 

Our AML Consulting Services in Washington, D.C.

Our firm provides AML consulting services for money service businesses in Washington, D.C. Our consulting services include: 

  • Compliance program development. If your institution does not already have a compliance program in place, our consultants can design and implement a program that is based on your institution’s specific risks. 
  • Independent reviews. We conduct independent reviews to satisfy the third-party independent audit requirement. 
  • Program enhancements. If you already have a program in place but it has failed an independent audit or is not nearly as robust as it could be, we can design and implement program enhancements. 
  • Recruitments. Having the right BSA/AML compliance officer and supporting staff in place is essential. We can help to recruit new team members to manage compliance programs. 

Call our Team for AML Consulting in Washington, D.C. Today

Failing to meet AML compliance regulations is not an option for your institution. At Bates Group, we understand the importance and complexity of AML compliance and can start developing custom solutions for your institution today. For AML consulting in Washington, D.C., call us directly today or send us a message online. 

BSA/AML/OFAC
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