Policy & Procedure Development

Policy & Procedure Development

Compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws is necessary for any money services business or financial institution. Every company should have a comprehensive BSA/AML compliance program, which involves many components. Part of this program involves developing and implementing detailed and strict policies and procedures for compliance. 

There is no one-size-fits-all solution to BSA/AML policy and procedure development, as each company is different. In addition, each role in the business should have its own set of policies and procedures regarding each type of transaction they handle. There is no doubt that such extensive policy and procedure development is a daunting task. 

When handled in-house, company leaders might overlook important aspects of policies that leave gaps in your BSA/AML compliance plan. Instead of attempting to handle this undertaking yourself, turn to the corporate compliance professionals of Bates Group LLC. We learn about each individual business and determine the necessary measures to put in place to maximize compliance and minimize possible penalties or enforcement actions. Contact our team directly for more information.

Your Compliance Policies and Procedures

Each BSA/AML compliance program needs its own set of tailored policies and procedures that address every type of transaction and role in the business. There are many aspects that these policies and procedures should address, such as:

• Internal responsibilities – What is each staff member responsible for overseeing or conducting to prevent unlawful financial transactions? 

• Systems – What are the different processes that team members must follow to ensure compliance? How will responsibilities be divided into daily operations and larger BSA/AML oversight?
• Best practices – What are the most effective ways to prevent and identify suspicious activity to ensure compliance and achieve business objectives?

When considering what the specific responsibilities, systems, and best practices might be for every position, it is easy to become overwhelmed. Too many businesses miss opportunities, cut corners, or otherwise end up with policies and procedures that are insufficient to ensure compliance. This can easily lead to regulatory issues and even the shut-down of your business.

The Right Consultants for the Job

When you need assistance with policy and procedure development as part of your BSA/AML compliance program, you should look no further than the consultant of Bates Group LLC. Many of our consultants are former regulators, so they know how to look at each situation from a regulator’s perspective. Our team holds many different certifications, including CAMS, CAMS-Audit, CRCM, and CRFM certifications. Every client is assigned a well-matched industry specialist who gets to know the business and advises on all necessary compliance matters. Our goal is to help your business operate smoothly without any BSA/AML hiccups. 

Seek Help with Policy and Procedure Development from Compliance Experts

When your company needs assistance with any aspect of a BSA/AML compliance program, including policy and procedure development, you want to have the consultants of Bates Group LLC, on your side. We help all types of financial institutions across the country, so please contact us to discuss our services further today.