Washington, D.C. BSA Compliance Services

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Washington, D.C. BSA Compliance Services

If you are starting or already operating a money services business (MSB), you need to ensure that all operations are in complete compliance with Bank Secrecy Act (BSA) and anti-money laundering laws and regulations. Failing to comply with BSA/AML standards can put consumers and your entire business at risk.

Compliance requires the development and implementation of an effective and comprehensive BSA/AML compliance program. While you might be an expert at running your financial services business, you might not know all of the ins and outs of compliance requirements. You should never let your compliance efforts fall by the wayside – instead, learn more about the Washington, D.C. BSA compliance services that our experienced consultants provide. 

A Multi-Faceted Approach to Compliance in Washington, D.C.

You might have a general knowledge of BSA/AML laws and assume that your business is in compliance, when suddenly you face challenges by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The compliance standards are constantly being updated by FinCen, and compliance efforts should also regularly be updated accordingly. 

While you are running a business, the last thing you have time for is to stay up-to-date on the changing standards for compliance. This is something you can certainly outsource by contacting our team of BSA compliance consultants. We are experienced professionals who advise all types of financial companies in the Washington, D.C. area and across the United States. Help your business by allowing us to provide compliance support for you. 

Developing Compliance Policies, Procedures, and Programs

At the heart of BSA compliance standards is the requirement that all MSBs have a comprehensive and effective BSA/AML compliance program in place. This is more challenging and time-consuming than it might seem. Our team of consultants regularly assists with the following and more:

  • Assessing specific risks of your operations based on a variety of factors
  • Developing overarching policies that influence the business as a whole, as well as each moving part
  • Developing detailed procedures for each member of your organization to follow to minimize risk and remain compliant in their particular job duties and transactions
  • Ensuring that everyone is fully trained on general policies, their specific procedures, and best practices for their duties
  • Conducting audits and independent reviews to make sure that your BSA compliance program is effective and making adjustments to fill in any gaps. 
  • Regularly assessing and updating your compliance program to ensure it is in line with current FinCen standards

Each company is different, so each company needs its own BSA compliance solutions that are specifically tailored to the operations and risks in question.

Learn More About Washington, D.C. BSA Compliance Services

If your organization needs assistance with comprehensive BSA compliance support, look no further than the qualified and certified consultants at Bates Group LLC. Our professional team has helped many MSBs succeed and prevent complications from regulators, so do not wait to contact us to learn more about how we might assist you. 

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