Creating an AML compliance program is a key requirement for all financial businesses and institutions. While some businesses may attempt to turn internally for the design and implementation of a compliance program, enlisting the help of a professional consultant is strongly recommended. At Bates Group, our anti-money laundering (AML) compliance consultants have decades of combined experience and expertise related to AML regulations and compliance. Call us today to learn more.
What Is an AML Compliance Program?
An AML compliance program refers to a set of rules, regulations, and practices adopted by a business in order to mitigate and detect money laundering and other financial crimes, including terrorist financing. Financial institutions are required under the law to have an AML compliance program in place.
Why Does AML Compliance Matter?
AML compliance is essential for ensuring that your business is operating within the parameters of state and federal financial regulations. Failing to implement a robust AML compliance program could lead to penalties, as well as money-laundering crimes that go undetected. A strong anti-money laundering compliance program will help your institution stop money laundering and other financial crimes.
The Benefits for Working With a Professional When Creating Your Compliance Program
AML compliance programs are required to have certain features, including an independent testing program, employee training, oversight from a compliance manager, and more. When you work with a skilled professional who is experienced in designing and implementing AML compliance programs, you’ll have peace of mind in knowing that your consultant understands all of the regulations, as well as best practices for implementing those. A third-party professional can also provide new insights into your business AML risks and ways to mitigate those risks. Finally, a professional may be able to provide a range of specialized services that you would not be able to provide in-house, such as risk assessment, program validation, independent testing, investigations, and program design, implementation, and improvement.
Call Bates Group Today
For financial businesses and institutions nationwide, having an AML compliance program in place isn’t optional; it’s required. At Bates Group, our experienced AML compliance professionals can help you to understand your business’s risks and the benefits of choosing a professional consultant to create and monitor your AML compliance program. We can provide you with services throughout the entire design and implementation process, or advise you related to specific AML compliance program issues. To learn more about our professional AML consulting services, please reach out to us online or by phone today.