Outsourced Compliance in Washington, D.C.

Outsourced Compliance in Washington, D.C.

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. 

Developing Your Compliance Program

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:

• Assess risk – Risk management begins with knowing the risks of noncompliance or fraudulent activity that apply to your organization. Risk assessment should be conducted for every process your company handles.
• Create policies and procedures – You need to have clear and detailed policies and procedures for every member of your organization to follow, and these include responsibilities, best practices, and systems to follow based on each job duty.
• Training – You want to make sure that each individual working for your business fully understands the policies and procedures they must follow, how to identify possible fraud or money laundering, and what to do in this instance. 
• Independent audits and reviews – The best way to be sure that your compliance program is sufficient is to test it for loopholes or unforeseen risks. Different companies will need different levels and frequency of reviews.

Once you launch your program, our outsource compliance team will conduct gap analysis and make adjustments on an as-needed basis. 

Keeping Your Program Current

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. 

Seek Professional Help with Outsourced Compliance in Washington, D.C.

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.