All money services businesses and other financial institutions should highly prioritize compliance with all applicable laws and regulations, including anti-money laundering (AML) laws and the Bank Secrecy Act (BSA). Ensuring compliance requires you to have an effective and regularly updated program in place that involves many different and complex components.
As a corporate owner or leader, you likely do not have the thorough knowledge of the law nor the time to design and implement BSA/AML compliance programs that effectively address all current regulatory requirements. This doesn’t mean your company should be at risk of non-compliance and penalties, however, as you can seek outsourced compliance in Washington, D.C., from BSA/AML experts.
Many factors and considerations go into the design and implementation of a BSA/AML compliance program. We examine the size of your organization, nature of your operations, and more to help us:
Once you launch your program, our outsource compliance team will conduct gap analysis and make adjustments on an as-needed basis.
Laws, regulations, and standards are regularly changing, and your compliance programs must remain current. Our experts stay apprised of changing laws that apply in Washington, D.C., as well as adjusted standards from the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). We then examine how our clients’ compliance programs should be enhanced to stay up to date.
In addition, your compliance program will need to be updated as your business grows or the money services you provide change. As owners, you are always looking for ways to maximize profits, and changing operations can result in the need for updated BSA/AML processes, policies, and procedures. Your team then needs to be trained on the new details of your program.
Being in the financial services industry can present the need for BSA/AML compliance, which is a complicated yet essential matter. While you focus on your company, let the BSA/AML specialists at Bates Group LLC develop your program and meet your compliance needs. Contact us for more information about our services today.
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