Financial firms and institutions are required to develop and enact anti-money laundering (AML) compliance programs. While required, these programs are extremely complex and technical, and creating and implementing an AML compliance program is an ongoing process that requires constant review and revision. At Bates Group we offer New York AML consulting services for financial businesses throughout the state and nationwide. To learn more about our New York AML consulting services and how our firm can help you, reach out to us online or by phone today.
Money laundering is the criminal act of making large amounts of money from criminal activities, including drug trafficking, terrorist financing, and others. An anti-money laundering program—which is required under the law—refers to a set of regulations and procedures that banks and other financial institutions must follow in order to stay in compliance with the law, as well as to prevent, detect, and respond to money laundering or terrorist financing activities.
Developing an anti-money laundering program is a complex job that requires ongoing monitoring and evaluation and a deep understanding of the law and a business’s financial operations. For example, an AML compliance program has to be approved—in writing—by a senior manager; it must be independently tested; it must include ongoing training for affected staff; and more. At Bates Group, we offer these services and others. Our AML consulting firm provides:
For many financial institutions, the process of designing and implementing an AML compliance program is too big of a task to take on internally, and working with an experienced consultant is the best way to achieve the best results. Without an AML consultant who knows the law and has robust amounts of experience in the field, you could be putting your business at risk of breaching compliance requirements.
To learn more about Bates Group and the New York AML consulting services that we offer to financial institutions, reach out to our team directly today. Our AML compliance consultants are here to support your business’s goals and compliance needs.
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