BSA Independent Reviews New York

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BSA Independent Reviews New York

Money services businesses (MSBs) are an important part of our economy, and running this type of company can be lucrative. However, the government is certainly interested in strictly regulating all consumer-related financial matters in the United States, as well as preventing fraud within these types of companies. For this reason, the Financial Crimes Enforcement Network (FinCEN) of the United States Department of Treasury enforces numerous laws, regulations, and requirements for all MSBs.

Companies need to monitor their own financial activities and identify risk, and the Bank Secrecy Act (BSA) requires MSBs to develop and implement clear and effective anti-money laundering (AML) policies and practices. An important component of such policies involves conducting independent reviews to test whether an AML program is effective enough to comply with the BSA.

If your company needs help with BSA independent reviews in New York, the consultants at Bates Group LLC, are ready to help. Contact us today for more information.

Seeking Help with AML Reviews in New York

New York has some of the strictest BSA laws of any state, including high standards for independent AML reviews. The scope of your company’s reviews depends on the specific financial services the business offers and what is needed to identify potential money-laundering risks in your operations.

Your company’s compliance officer – or anyone reporting to them – cannot perform the review. For this reason, and to make sure that they meet the standards under the BSA, many MSBs seek help from professional BSA/AML consultants to conduct independent reviews.

Our Independent Reviews

At Bates Group LLC, our team of professionals knows how to seek out, identify, and address potential holes in your AML policies and risks of BSA noncompliance. We have highly trained reviewers who can evaluate the following, among other aspects of your business and procedures:

  • AML training programs
  • Remote Deposit Capture
  • Currency Transaction Reporting Exemptions
  • Currency Transaction Reporting (CTR)
  • Cash Shipments
  • Monetary Instrument Sales Recordkeeping
  • Funds Transfers Recordkeeping
  • Additional Recordkeeping Requirements by the BSA
  • BSA record retention requirement policies and procedures
  • Suspicious Activity Monitoring and Reporting (SARs)
  • Compliance with Beneficial Ownership and CDD Requirements
  • Customer Identification Program (CIP) & Know Your Customer (KYC)
  • Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
  • Compliance with USA PATRIOT Act sections 314(a) and 314(b)
  • Possible Office of Foreign Assets Control (OFAC) Issues
  • FFIEC expanded procedures, if applicable to your company
  • Review of State Examination Results

When your business needs to comply with independent review requirements under the BSA, you want the help of certified professionals. Our consulting team members have CAMS, CAMS-Audit, CRCM, and CFRM certifications, and some are former regulators who know exactly what to look for.

Seek Help with BSA Independent Reviews in New York

BSA/AML noncompliance is a costly matter that can put your money services business in jeopardy. Do not risk falling short on your independent reviews – instead, learn how Bates Group LLC performs BSA independent reviews in New York. Contact us for assistance and guidance with all types of BSA compliance matters.

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

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