As a financial institution, you’re facing intense regulatory requirements regarding the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Asset Control (OFAC) rules. It’s not enough to just keep up with the ever-expanding changes across the five pillars of compliance, you need to be proactive and ready for the latest changes before they occur. Our BSA and AML consulting services can help you establish a comprehensive BSA/AML compliance program and ensure your systems are tested and running optimally, and that your people are trained – so you’re in the know and prepared for your regulatory examinations.
Our professionals are former bankers with previous experience in BSA/AML compliance. We can provide the assistance you need to identify weak points in the institution’s business plan and operations. We can also provide Compliance Monitoring | 2nd Line of Defense services. Additionally, by utilizing an objective third party, we can help you easily spot gaps in compliance allowing you to quickly direct resources to minimize risk while reducing your workload.
Our services include:
Annual Independent Review – Our independent annual testing of compliance and evaluation of pertinent management information systems (MIS) will deliver a findings and recommendations report utilizing procedures from the Federal Financial Institutions Examination Council (FFIEC).
BSA/AML/Fraud Model Validation – Scope includes evaluation of conceptual design, accuracy and completeness of internal and external data inputs, identification of applicable components, and documentation review to ensure use of models, controls and configurations.
BSA/AML/Fraud Model Optimization and Fine Tuning – Identification of gaps and redundancies in transaction monitoring scenarios, definition and testing of parameters and rules thresholds, and documentation of analysis, methodology and recommendations.