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, our consultants work 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.

BSA and AML Compliance Program Reviews

Young & Associates provides an independent review of BSA/AML compliance programs 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.

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