Regulatory Compliance Services
The Y&A ADVANTAGE
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Our Regulatory Compliance Services
Let us put our years of compliance experience to work for you on an ongoing basis. Through our compliance outsourcing program, our highly skilled professionals provide onsite, offsite, electronic and ongoing consulting on a monthly, quarterly or semi-annual basis, depending on the needs of your financial institution. As a cost-effective solution, this service is completely customizable to fit your compliance system, including the size, complexity and internal resources of your organization.
The Bank Secrecy Act (BSA) requires that any financial institution establish an effective BSA/AML compliance program to detect and report any suspicious activity in an accurate and timely manner. We provide an independent review of your BSA/AML/OFAC program that adheres to the requirements set by the Office of Foreign Assets Control (OFAC). This holistic risk assessment examines your financial institution’s:
- BSA/AML/OFAC risk assessment policies, procedures, processes, and training initiatives
- USA Patriot Act compliance
- Currency transaction (CRTs) reporting and exemptions
- Suspicious activity monitoring and reporting (SARs)
- Monetary instrument sales and fund transfers recordkeeping
- Customer identification program (CIP) compliance
- Beneficial ownership/CDD
- Enhanced Due Diligence (EDD) procedures
- Cash shipments
- FFIEC expanded procedures, if required
- Recordkeeping requirements
- Regulatory examination results
- Remote deposit capture
We have extensive experience and experts to assist financial institutions with BSA/AML/OFAC reviews. Whether your bank or credit union is subject to regulatory actions or simply needs annual training for personnel, we can provide the service you need.
All AML models must follow the guidance of OCC Bulletin 2011-12 and the subsequent Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Laundering Compliance (4/9/21), which outline the expectations for model risk management, especially the need for independent review and model validations
Let Young & Associates assist you with our AML Validation and Review.
Customized for your institution and as required by the regulators, our AML validation and review addresses:
- Conceptual Soundness. We focus on the design, methodology, and construction of the model. This includes analysis and review of the model documentation, assumptions and limitations, data quality and completeness, and implementation
- Ongoing Monitoring. We make sure that the model is working efficiently and as intended to meet your institution’s business objectives and ensure that it is tailored to the institution’s Risk Assessment (AML Program Management). This includes model tuning and calibration, which is driven by several Key Performance Indicators (KPIs).
- Outcomes Analysis. We examine the model’s output, including alerts generated from transaction monitoring, along with the supporting information used for investigation. Above-the-line and below-the-line testing is conducted to ensure that alerts are accurate and complete. Monitoring rules and parameters are also assessed.
Note: Young & Associates collaborates with many of the AML software providers throughout the validation and review to make the process as seamless to your institution as possible.
Our compliance management reviews and assessments provide a thorough analysis of your financial institution’s compliance program. As we evaluate the effectiveness of your system, we examine key areas of compliance oversight, including management and board supervision, policies, daily administration, and internal controls. A compliance management review offers a deep dive and detailed analysis of your loan files, deposit accounts and other compliance documentation. Through these reviews, we can pinpoint the causes of compliance challenges within your organization and provide specific recommendations to improve your systems to minimize errors and remedy deficiencies.
Gain direct assistance from one of our experienced compliance consultants for the completion of your Compliance Risk Assessment. Through facilitation, we offer guidance on the purpose of the risk assessment, who should be involved, clarification of key aspects of each regulation and documentation to demonstrate the consideration of required elements as the risk assessment is completed. The completed risk assessment will support scheduling compliance monitoring or reviews, independent compliance audits and compliance-related training on a risk-focused basis.
The Home Mortgage Disclosure Act requires that financial institutions and mortgage lenders collect and report data on loan applications to ensure fair lending practices. Through HMDA reviews, we can provide your organization with an assessment of your procedures for accurately gathering and reporting this data, as well as perform any necessary data validation.
Fair lending laws ensure the fair and equitable treatment of borrowers. Financial institutions face intense scrutiny to ensure that their lending policies adhere to fair lending regulations. Our fair lending reviews are modeled after the fair lending examination procedures issued by the federal regulatory agencies.
These reviews are fully customizable to the needs of your financial institution based on regulatory requirements, asset size and the complexity of your organization. The process typically includes a loan policy review, a comparison of loan officer questionnaires regarding their underwriting practices, a comparative file analysis, an adverse action review or a consumer loan pricing review.
Through these reviews, we can help your financial institution manage all fair lending risks. As part of this risk assessment, our compliance professionals will also review approval policies, advertising policies and procedures, along with training records.
Through an Unfair and Deceptive Acts and Abusive Practices (UDAAP) Review, our compliance professionals will identify any potential acts or practices within your organization that may increase the risk of consumer customers being treated in an unfair, deceptive or abusive manner. We assess the quality of your financial institution’s compliance risk management systems, including your internal controls and policies and procedures for avoiding UDAAP issues. These reviews also include an advertising component, where we review brochures, documents and social media authored for publication by your institution and staff that are used as part of your overall operations.
Whether your institution is a RDFI (Receiving Depository Financial Institution) or an ODFI (Originating Depository Financial Institution) or both, Young & Associates will review your policies and procedures and test components to assure your current processes are adequate and in compliance with the Nacha Operating Guidelines.
Under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), financial institutions must ensure that the institution and individual mortgage loan originators register with the federal registry and maintain their registration. During a SAFE Act review, we analyze your policies and procedures to ensure compliance with this regulation.
In today’s super-competitive environment, getting the word out about your products and services is crucial. Do your ads meet regulatory expectations, include all advertising terms, and clearly explain what your products and services are to your customers and potential customers? Get peace of mind with Young & Associates’ Advertising Review service.
Receive access to all the invaluable compliance tools and services that we have to offer through our Virtual Compliance Consultant (VCC) Program. This annual membership includes monthly compliance coaching, compliance products and policies, automatic updates on those policies, regulatory manuals, a weekly compliance blog and an online forum to ask questions. Learn more about everything this membership has to offer and contact us for pricing options and multi-year discounts.
