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AML Independent Reviews New York 

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AML Independent Reviews New York

Money-services businesses are required to adhere to various laws and regulations, including those set forth under the Bank Secrecy Act (BSA) and pertaining to anti-money laundering (AML) compliance. One requirement found under the BSA is the duty of all money-services businesses to create an AML compliance program, and for that compliance program to be independently reviewed. At Bates Group LLC, we specialize in AML independent reviews, New York, and would be happy to meet with your company to discuss AML compliance and ways to mitigate risk. Reach out to us today to learn more. 

What Is AML Compliance?

AML compliance, or anti-money laundering compliance, is a requirement found under the Bank Secrecy Act. Under the regulations, businesses are required to create an AML compliance program. The program must be in writing and approved by a senior manager, must be reasonably designed, must be independently reviewed and tested, must include ongoing training for impacted personnel, and must include risk-based procedures for conducting ongoing customer due diligence. 

The Importance of an AML Independent Review New York

Having an AML program independently reviewed is a requirement of an AML compliance program that is enforced by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The frequency and scope of an independent review must be reasonably aligned with the particular risks that the money-service business faces related to money-laundering and the financing of terrorist activities, as well as other financial crimes. Failure to conduct independent reviews is a clear violation of the BSA and can result in penalties for the business in violation. 

Our AML Independent Review Services

At Bates Group LLC, we offer comprehensive independent review services that ensure your business will achieve AML compliance. Our reviewers are expertly trained in risk assessment and will thoroughly analyze procedures, policies, and processes. Components of your AML compliance program that we can review and analyze include: 

  • Additional recordkeeping requirements by the BSA
  • Verification of policies, procedures, and processes in light of the BSA record retention requirements
  • Training initiatives
  • Compliance with USA PATRIOT Act sections 314(a) and 314(b)
  • FFIEC expanded procedures, if needed for your company
  • Suspicious activity monitoring and reporting (SARS)
  • Currency transaction reporting exemptions
  • Currency transaction reporting (CTR)
  • Remote deposit capture
  • Customer due diligence (CDD) and enhanced due diligence (EDD)
  • Customer Identification Program (CIP) & Know Your Customer (KYC)
  • Possible Office of Foreign Assets Control (OFAC) issues
  • Compliance with beneficial ownership and CDD Requirements
  • Review of state examination results
  • Cash shipments
  • Funds transfer recordkeeping
  • Monetary instrument sales recordkeeping

Speak with Our Independent Review Professionals Today

Our AML compliance independent review professionals are able to manage even the most complex of review processes. We will thoroughly analyze your AML compliance program and accurately document our findings in a compliant manner. We know how much is on the line for your business when establishing a compliant AML program. 

To learn more about our services for AML independent reviews New York, or to talk to one of our professionals about our company’s reputation or commitment to our clients, reach out to us directly today. 

BSA/AML/OFAC
Development and enhancement of risk-based Compliance Programs
Consumer
Protection
Consumer Protection Reviews and Gap Analysis
State Licensing
Money Transmitter License Acquisition and Maintenance

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