If you have a money services business, compliance with the Bank Secrecy Act and Anti-Money Laundering laws (BSA/AML) should be a top priority. You can spend time consulting with compliance professionals to develop a comprehensive compliance program, which includes training, detailed best practices for every relevant role, and audit procedures.
However, your employees only have minimal BSA/AML training, and they are generally focused on the day-to-day operations of their jobs. For this reason, it is important for many companies to have dedicated BSA/AML compliance officers and support staff to facilitate and maintain their compliance program.
Finding the right fit for your compliance department can be challenging, but the recruitment services professionals of Bates Group LLC are here to help.
Many companies make the mistake of simply transitioning someone from their existing team to the role of compliance officer. However, this position has many complex responsibilities that require specialized training and experience.
Compliance officers should implement and administer every aspect of your BSA/AML compliance program. This includes quality control reviews and monitoring to ensure your organization is meeting industry and regulatory standards with every transaction. Some responsibilities might include:
In many cases, this compliance officer should have several years of experience in BSA/AML compliance, specialized training, and CAMS certification when possible. Because most people in your organization will not be focused on BSA/AML compliance, it is important that this individual be independent and motivated.
You also need to ensure your compliance officer has the support staff they need to carry out their responsibilities. These staff members must also be carefully vetted to ensure they understand their roles and are prepared to support the officer and conduct duties as needed.
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