BSA Compliance Services in New York

Home > BSA Compliance Services in New York

BSA Compliance Services in New York

Both federal and state agencies enforce laws that regulate financial transactions and Money Services Businesses. For many years, financial institutions operating in New York could assume that compliance with federal regulations would be enough to also comply with corresponding regulations enforced by the state. However, in recent years, the New York State Department of Financial Services (NYDFS) has taken a highly proactive role in enforcing compliance with the Bank Secrecy Act (BSA) regarding anti-money laundering (AML) programs for financial institutions. 

The truth is that New York state laws regarding BSA compliance can require more than federal regulations do. For example, the NYDFS passed a new rule in recent years that requires a senior compliance officer or board member of a company to certify the AML program in place for that company. This is only one example of additional requirements and enforcement efforts within the State of New York.

If you are operating as an MSB or another financial institution in New York, you need the guidance of a skilled BSA compliance expert. At Bates Group LLC, our specialists understand compliance issues on both the federal and state levels, and we are ready to assess your risk and work to ensure compliance for your business. Please contact our team for more information about how we can help New York companies.  

Our New York BSA Compliance Services

As a company subjected to the BSA and AML regulations, your business must be able to demonstrate that you can accomplish the following:

  • Prevent money laundering and detect red flags
  • Comply with all federal, state, and local BSA/AML regulatory obligations, including reporting and record-keeping requirements
  • Identify suspicious transactions or activities
  • Understand the serious penalties for noncompliance with BSA/AML rules
  • Produce reports of Independent Reviews of the company’s BSA/AML programs, policies, and practices by a qualified reviewer

Our consultants at Bates Group LLC, have CAMS and CAMS-Audit certifications, which allow us to expertly assess your company’s compliance risks, educate and train officers and individuals on compliance matters, develop a BSA/AML compliance program, and conduct independent third-party reviews of your program. 

BSA/AML Compliance Programs

Every financial company in New York should have a comprehensive compliance program in place, with clear policies and processes that are followed by all applicable individuals in the organization. We regularly assist clients in New York in developing and implementing the right program for each company, including:

  • Drafting comprehensive guides that set out all procedures and policies
  • Creating agreements and forms that are necessary for compliance
  • Providing training customized to your enterprise and your BSA/AML program
  • Assisting with the development of effective transaction monitoring systems
  • Creating reporting and record-keeping frameworks and standards
  • Ensure that foreign AML programs meet the standards for the U.S. and New York

Consult with Our Team about BSA Compliance Services in New York

When you need assistance with BSA compliance in New York, look no further than Bates Group LLC. Our certified specialists are ready to assist you with your federal and state compliance needs, so please contact us to learn more. 

AML & Compliance Services
Development and enhancement of risk-based Compliance Programs
AML & Consumer
Protection Reviews
Consumer Protection Reviews
State Licensing
Money Transmitter License Acquisition and Maintenance
Other Services
Additional Customized Support

contact us

Please fill out all fields marked with* and submit the following form to
request your consultation.

Contact Us Today

Please fill out all fields marked with * and submit the following form to request your consultation.

  • This field is for validation purposes and should be left unchanged.