Bank Secrecy Act and Anti-Money Laundering Reviews
In compliance with the Bank Secrecy Act (BSA), banks and other financial institutions must establish anti-money laundering (AML) programs to identify, monitor and report any suspicious activity or potential money laundering schemes that they may encounter within their organizations.
BSA compliance programs require risk assessments to ensure that the bank’s BSA program meets the guidelines established under both the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) standards. Risk assessments should be detailed and quantify a bank’s risk-based program, which will help institutions to reveal any violations, gaps or deficiencies in your BSA/AML compliance program.
At Young & Associates, ourconsultantswork with financial institutions of all sizes to help them avoid regulatory pitfalls and develop a strong BSA/AML compliance program. Our team is comprised of former bankers and auditors with years of industry experience and expertise. With a deep understanding of BSA regulatory requirements, we provide an independent review of your BSA/AML compliance program, as well as customized training for your personnel.
Young & Associates provides an independent review of BSA/AMLcomplianceprograms to ensure that it adheres to the full range of regulatory requirements. As part of this review, we include a comprehensive examination of your risk assessment, policies, procedures, processes, and practices for all areas of BSA compliance, including:
Currency transaction reporting and exemptions
Suspicious activity monitoring and reporting
Monetary instrument sales and fund transfers recordkeeping
Customer identification programs and due diligence
Beneficial ownership/CDD requirements
Cash shipments
OFAC requirements
USA PATRIOT Act sections 314(a) and 314(b)FFIEC expanded procedures, if required
Record retention requirements
Regulatory examination results
Remote deposit capture
We then review all areas of your program on a risk-based basis to determine if your program meets both the regulatory requirements and your policies and procedures. Our BSA/AML compliance reviews are not a one size fits all solution. We tailor our approach to the unique needs of your financial institution. We also offer BSA/AML training programs, so your internal compliance team and/or staff can stay current on changing rules and requirements.
When it comes to BSA and AML compliance consulting, Young & Associates is here to help your financial institution. Contact us today to learn how we can enhance your BSA/AML compliance, reduce your risk, and offer value for your team.
Connect with a consultant
Contact us to learn more about our consulting services and how we can add value to your financial institution
Connect with a Consultant
Contact us to learn more about our consulting services and how we can add value to your financial institution