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Bank Secrecy Act and
Anti-Money Laundering Compliance Services
Bank Secrecy Act and Anti–Money Laundering
(BSA/AML) and Office of Foreign Asset Control (OFAC) compliance are
Federal requirements for Financial Institutions as defined by the Bank
Secrecy Act, which includes among others: Banks, Thrifts, Credit
Unions, Broker Dealers, Investment Bankers, Auto Dealerships, Pawn
Brokers, etc.
PAAST provides services to help our clients comply with their
responsibilities and to detect and deter money laundering through
development of an effective BSA/AML monitoring program that meets the
Federal requirements including the four essential pillars; having a
comprehensive risk assessment, developing and implementing an effective
system of internal controls and compliance program, providing adequate
training and independent testing of the BSA/AML compliance program. We
have experience in providing BSA/AML services in the following areas:
Risk Assessment
We assist Financial
Institutions in conducting an analysis and categorization of customers,
correspondents, transactions, lines of business, products, and business
locations to assess areas of vulnerability and potential BSA/AML
program weaknesses to identify the best uses of financial, human, and
technical resources. We assist our clients in developing detailed
comprehensive enterprise wide risk assessments.
Monitoring
We assist Financial Institutions in
clearly establishing and documenting the true identity of their
customers and correspondents, including beneficial owners. Our
expertise in Know Your Customer regulations is important when assisting
our clients with customer information profiles and documenting the
source of a customer’s current wealth and future deposit sources. We
assist our clients in developing processes and trend analysis to
monitor the anticipated activity in a customer or correspondent
account.
Financial Institutions must be able to monitor and detect unusual and
suspicious activity. Financial Institutions may implement commercially
available software, leverage existing monitoring and detection systems,
or develop internal systems to comply with these requirements. The
BSA/AML programs must result in an efficient and effective compliance
infrastructure that is commensurate with the size and risk levels of
the Financial Institution.
Compliance Infrastructure
Financial Institutions must evaluate their current BSA/AML compliance
infrastructure and ensure the structure adequately addresses their
needs, which inevitably may change over time. The compliance
infrastructure should be commensurate with the results of the
enterprise wide risk assessment.
Training
The Bank Secrecy Act
requires effective training programs that address USA PATRIOT Act
requirements, provide realistic case studies and scenarios, and are
relevant to the roles and responsibilities of the audience. Our
training can be quickly customized to your specific needs and address
the entities regulated under the USA PATRIOT Act.
For more information,
please contact
us online
or call us at 305.567.0150.
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