The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) enforces the various requirements under the law for Money Services Businesses (MSBs). One requirement under the Bank Secrecy Act (BSA) is that each regulated entity must have an effective anti-money laundering (AML) Program in place. These programs must include periodic Independent Reviews that take place to test the AML programs for BSA compliance. The frequency and scope of such reviews must be in line with the risk posed by the particular financial services provided by the business, as well as any changes to those services or operations. By performing these tests regularly, companies can guarantee their compliance with the BSA while also minimizing their money laundering risk through effective AML policies.
We offer specialized AML Independent Reviews to ensure your organization is compliant with BSA regulations and minimize risk from potential money laundering activities. Our experienced team of subject matter experts are familiar with all applicable laws and regulations related to money transfers and transactions, as well as significant developments impacting our clients’ industries. We provide thorough assessments of your organization’s AML program to ensure they meet all regulatory requirements and can help identify any weaknesses or deficiencies prior to submitting them for review.
Our process begins by understanding your specific needs, industry requirements, and risk profile. We then develop a tailored plan that takes into account the objectives of your program, relevant regulatory expectations, best practices for mitigating money laundering risks, and other important considerations. Our review includes a comprehensive evaluation of existing policies and procedures along with an assessment of internal controls implementation, employee training records and results, audit trails/transaction monitoring systems testing effectiveness, third party review processes/results/findings, customer due diligence processes, suspicious activity tracking initiatives/reports generation systems testing effectiveness and other critical elements necessary for successful compliance. Ultimately our team offers strategic solutions which aim at improving operational efficacy while providing meaningful recommendations which will increase an institution’s overall level of protection against criminal activities related to money laundering.
When it is time to meet BSA Independent Review requirements, you do not want to fall short. You want professionals with advanced CAMS-Audit and Certified Anti-Money Laundering Specialist certifications handling your reviews. To learn more about the services of Bates Group LLC, contact us today.
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