Whether you are a traditional bank or a non-traditional Money Services Business, compliance with the anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA) is an unavoidable component of conducting your operations. Many companies are also required to meet the Office of Foreign Assets Control (OFAC) compliance obligations. It is essential to have a well-developed BSA/AML/OFAC compliance program in place that manages compliance risks and promotes best practices for your industry.
The U.S. Department of Treasury’s Financial Crimes Enforcement Network’s (FinCEN) changes its guidance on BSA/AML compliance on a regular basis, and it can be challenging to manage a program in full compliance with changing rules, as well as OFAC economic sanctions obligations and applicable state regulations. At Bates Group LLC, our specialists understand and identify all requirements for different types of financial businesses, and our goal is to help you achieve full compliance and maximize profitability.
Our team’s focus is on helping banks and Money Services Businesses develop, analyze, and improve their compliance programs, as well as enhance and review their existing programs. Please contact us directly today for a consultation with a compliance expert at Bates Group LLC.
Designing and implementing a comprehensive and effective BSA/AML/OFAC compliance program is no simple task. Programs will vary based on each specific company, though the following are major components of nearly every compliance program.
If you have an existing compliance program that you need to be updated based on new operations or the ever-changing regulatory environment, our team can review and enhance your existing policies and procedures. We regularly work with clients on gap analysis’ and update programs as necessary to minimize compliance risk in the future.
When your bank or Money Services Business needs assistance with BSA/AML/OFAC compliance programs or reviews, you can trust the experts at Bates Group LLC. For a consultation about our services, please contact us directly.
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