New York AML Consulting 

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New York AML Consulting

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. 

What Is AML Compliance?

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. 

Services Offered by Our New York AML Consulting Firm

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:

  • Risk assessment—we’ll analyze your business to determine its AML risks. We’ll then design an AML compliance program that is based on your specific risks and situation.
  • Designing and leveraging internal controls—as part of our assessment, we’ll identify internal controls that already exist for detecting illegal activity, and make recommendations about others to implement. We’ll then help you to leverage these controls to meet compliance standards.
  • Building in independent testing—as mentioned above, independent audits and tests are required for AML compliance; we’ll work with your business to make recommendations about how to best integrate this, and ensure that the third-party organization chosen to conduct the testing is appropriate for your institution.
  • AML training for all employees—it’s important that all employees in a financial institution have an understanding of AML compliance requirements, and that certain employees receive more specialized training.
  • Implementation and more—we’ll handle the implementation of the compliance program from start to finish and ensure the process is overseen by a skilled compliance officer. 

The Importance of Working with an AML Consultant

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.

Call Bates Group Today for the New York AML Consulting Services You Can Count On

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.

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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