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 CorCom, LLC, are ready to help. Contact us today for more information.
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.
At CorCom, 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:
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.
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 CorCom, LLC performs BSA independent reviews in New York. Contact us for assistance and guidance with all types of BSA compliance matters.
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