A main priority of banks and other types of money services businesses should be compliance with all Bank Secrecy Act and anti-money laundering (BSA/AML) regulations and requirements. This is a critical component of this type of business operations, and having a well-designed and properly implemented compliance program and procedures is essential to avoid issues and penalties.
However, it is no surprise that many company leaders do have the time or thorough understanding of the law needed to ensure that all BSA/AML procedures are current and effective. Instead of skimping on compliance and risking government action, learn how you can outsource compliance services.
One major error is having a compliance program and failing to revisit it on a regular basis. Just because you have procedures in place does not mean they will last or remain effective from year to year. There are regularly-changing guidance and standards issued by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), as well as changing state laws and regulations. Updating your compliance program in accordance with changing rules can be a time-consuming and confusing process.
You can maximize profitability and ensure proper compliance with all current standards by seeking help from BSA/AML compliance experts. The team at Bates Group stay fully on top of all changing requirements and identify which areas of your compliance need to be adjusted. This allows you to focus on profits and operations while trusting that your compliance program will stand up to audits and investigations.
Compliance Program Development and Enhancement
Designing a comprehensive BSA/AML compliance program is a complicated process. Program requirements differ based on your type of company, your state, and other factors. Critical components of a well-designed program include:
- Risk assessment – We closely examine your operations and risk profile to develop a program that is specifically tailored to your business and its needs. We also assess risk for each individual position and process in your organization.
- Procedures and policies – Compliance programs should include carefully set out and practical procedures that each role in your business can follow. These include best practices, systems, and responsibilities for all applicable roles.
- Independent reviews – In order to know if your compliance program is effective, we conduct independent reviews as a test for risk issues or loopholes. Each type of business will have different needs when it comes to the scope and frequency of such reviews.
- Training – To ensure compliance with your program, employees and leaders must understand the procedures, their individual responsibilities, and compliance goals.
Once you have a program in place, we work to keep it current by conducting gap analysis and updating any areas of improvement. We regularly adjust and enhance existing programs to ensure our clients are in line with current standards.
Learn How You Can Benefit from Outsourced Compliance Services
There is a lot at risk when it comes to BSA/AML compliance, and you cannot afford to have outdated programs. Bates Group, offers outsourced compliance services that you can trust. Contact us for more information today.