As a financial institution or money services business (MSB), it can be easy to get intimidated by requirements under the Bank Secrecy Act (BSA) and other anti-money laundering regulations. These are strict laws of which violations can be costly for your organization, so it is critical that all banks and MSBs in the Washington, D.C. area remain in full compliance. This can be a daunting task that requires time and resources, so it is often best to hire consultants who provide Bank Secrecy Act compliance services in D.C.
The BSA experts at Bates Group LLC, offer a range of BSA/AML consulting and compliance services. We can tailor our services to the specific needs of your business so you can ensure compliance in the most cost-effective manner possible. Contact us for more information about our offerings today.
All companies required to comply with the BSA are required to have specific compliance programs in place that meet the standards under the law. Whether you are starting from scratch or need an existing program enhanced, we can ensure that your program is designed in the most compliant and effective manner possible.
Some aspects of BSA compliance programs we develop for clients include:
As part of your compliance program, your organization must undergo a certain number of independent reviews to ensure the effectiveness of your anti-money laundering policies. Our team can conduct these reviews as part of our compliance services.
We can assist you in designing and implementing training programs regarding your BSA/AML/OFAC compliance requirements and policies. We can advise on which of your staff should undergo the training and tailor each training program to the needs of your company.
Once you have a program in place, your compliance work is far from complete. Our professionals provide ongoing consulting and advisory services, including addressing BSA compliance concerns your organization might have.
It is important to have a BSA compliance officer overseeing this aspect of your business, as well as the necessary staff to support the compliance office. We can assist you in recruiting professionals with the proper experience and training to oversee BSA compliance internally.
Many businesses are moving into the world of alternative currency, including cryptocurrency. The laws regarding anti-money laundering and crypto are varied and constantly changing throughout the United States. If your business is handling digital currencies, we can assist you in developing the right compliance program.
At Bates Group LLC, our compliance professionals are CAMS, CAMS-Audit, CFRM, and CRCM certified, and we have the experience to assist your company with BSA compliance in Washington, D.C. Please contact our team if you are looking for the right consultant for your money services business.
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