Banks and money services businesses (MSBs) across the country must strictly comply with federal and state laws, especially the Bank Secrecy Act (BSA) and other anti-money laundering (AML) regulations. It can take a significant amount of time and knowledge to design and implement policies and training programs that keep your business on track with BSA/AML compliance. However, cutting corners can only lead to possible violations and costly penalties.
If your organization needs assistance with ongoing compliance, you should not hesitate to learn about professional BSA/AML consulting services. Bates Group LLC, offers ongoing advisory services to a wide range of financial institutions and MSBs, and we can inform you of our range of services. Contact us today.
Our professionals work to help companies develop compliance programs to ensure their organizations are in full compliance with relevant laws and regulations every step of the way. These are strict laws that federal and state officials take very seriously, and penalties for possible violations can be extensive.
Once you have a compliance program in place, you should never assume the program will continue to be successful without further attention. Many companies need ongoing compliance consulting and assistance to prevent future issues, investigations, or penalties. Our advisory services can include the following and more.
The regulatory landscape is always changing, and it is important to regularly assess the effectiveness of your BSA/AML compliance program in light of updated laws and standards. Our BSA/AML consultants can conduct a gap analysis to identify potential risk areas. We can then work with your company to update and enhance your anti-money laundering program accordingly.
We know that good employees come and go, and having the right BSA/AML compliance officer and support staff for your MSB is essential. If you have turnover, we can help you recruit new team members who can manage your compliance programs as needed to protect your business from liability.
An important part of your compliance program should be independent reviews of money laundering risks and possible gaps in your prevention efforts. The scope and frequency of these reviews will depend on the nature of your financial services business, though you must meet these review requirements to comply with the law.
Our team of compliance professionals knows exactly what to look for in an independent BSA/AML review, and we can make the process simple and cost-effective for your organization.
If you are seeking ongoing advisory assistance with BSA/AML compliance for your MSB or financial institution, you can count on the professionals at Bates Group LLC. Our consultants have CAMS, CAMS-Audit, CFRM, and CRCM certifications, and some of our advisors are former AML regulators who understand exactly what government officials are looking for.
At Bates Group LLC, we are corporate compliance professionals who want to take the stress of BSA/AML compliance off your plate. Please contact our team directly for a discussion about the many ways our consultants can help.
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