BSA/AML Compliance Program - Full Service

We will design a BSA/AML Compliance Program that is tailored to the specific needs and risks of your business. By understanding the unique circumstances of your operations, we will ensure that the program addresses all potential risks and helps you comply with relevant regulations.

The process

Through our experience designing hundreds of Compliance Programs, we know what works and what doesn't. We have developed a process where we gather relevant input from your end and try to keep the disturbance on your day-to-day operations at a minimum. Our process of designing the BSA/AML Compliance  Program includes:

• Going through the steps of our online questionnaire tool to provide us with information about the structure, operations, products, services, customers, and geographical locations of your organization.
• Scheduling a kick-off call with your team to gain an understanding of your organization, its products, services, customers, and geographical locations
• Reviewing all existing relevant documentation on BSA/AML, including product manuals, existing programs, and past audits
• Conducting a detailed money laundering/terrorist financing risk assessment and designing applicable mitigation procedures and controls
• Summarizing all the policies, procedures, and controls in the BSA/AML Compliance Program
• Providing a final draft for review and allowing for comments and changes
• Finalizing the BSA/AML Compliance Program and scheduling a hand-over meeting with your team to provide the program and answer any questions.

The BSA/AML Compliance Program will include

• Risk assessment: This includes assessing the level of risk your business may face for money laundering or other illegal activities and implementing controls to mitigate those risks.
• Customer identification and verification: This includes procedures for verifying the identity of customers, such as collecting and reviewing government-issued identification documents and checking against different watchlists.
• Transaction monitoring: This includes procedures for monitoring customer transactions for patterns or activities that may indicate money laundering, terrorism financing or other illegal activities.
• Policies, procedures, and controls: This includes documenting the business's policies, procedures, and controls for detecting and preventing money laundering and other illegal activities and ensuring that employees are trained to follow them.
• Employee training: This includes training employees on the business's BSA/AML compliance program, policies and procedures, and identifying and reporting suspicious activity.
• Independent testing: This includes conducting regular independent testing of the program and keeping records of the results.
• Reporting suspicious activities: This includes procedures for identifying and reporting suspicious activities to the appropriate authorities, such as the Financial Crimes Enforcement Network (FinCEN) and other regulatory bodies.