Money services businesses that operate in New York should be well aware that the state has some of the strictest anti-money laundering standards in the country. In 2016, New York state increased the requirements for Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance, and the penalties can be severe for companies accused of violating these standards. All money services businesses (MSBs) in the State of New York should have the guidance of a consultant knowledgeable with New York BSA compliance requirements. Contact Bates Group LLC, to learn more about our services.
MSBs must have carefully designed transaction monitoring and filtering programs that have specific features to prevent money laundering risks.
First, each institution must have the required certification to operate. Once in operation, these institutions must engage in an AML risk assessment. The scope of this assessment will differ based on a company’s size, governance, staff, operations, services, customers, products, and other factors. Based on results from the risk assessment, companies must then design their transaction monitoring and filtering programs tailored to the specific needs of their company.
These monitoring programs should identify any transactions that might involve BSA violations, as well as possible money laundering and other suspicious activities. These programs should include many components, such as:
These programs also should involve personnel who are specifically trained in BSA compliance or outsourced consulting on the matter. Since many companies do not have the manpower to devote solely to BSA compliance, an efficient and effective option is to hire consultants from Bates Group LLC, who can handle it for you.
Our New York knowledgeable compliance consultants can assist with every aspect of AML compliance programs. We assist with policy and procedure development, as well as assess the necessary components of your transaction monitoring and filtering programs to ensure they are in full compliance with New York requirements. We can conduct training for key personnel, as well as conduct independent reviews to identify any possible areas of noncompliance. Our consultants can review every aspect of your BSA/AML program to prevent any issues with New York regulators before they happen. This can also prevent serious penalties and other liability.
New York has some of the strictest AML compliance requirements in the country, and companies can face severe consequences or even get shut down for failing to fully. At Bates Group LLC, we work to take these concerns off your company leader’s hands and take the necessary steps to ensure compliance. Contact us to discuss how our services can help you today.
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