BSA/AML programs
At our company, we understand the importance of staying compliant with federal laws and regulations. That's why we offer comprehensive BSA/AML compliance program development services to help regulated businesses like yours avoid non-compliance issues.
About the service
Background and requirements
A BSA/AML compliance program (Bank Secrecy Act/Anti-Money Laundering) is a collection of policies, procedures, and controls that financial institutions and other regulated businesses must put in place to detect and prevent money laundering and other illegal financial activities. The program is designed to ensure that the business is in compliance with federal laws and regulations, such as the Bank Secrecy Act (BSA) and the USA PATRIOT Act, which require financial institutions to report suspicious activity, maintain records, and implement internal controls to prevent money laundering.
Our services
We help regulated businesses develop and implement a BSA/AML compliance program to ensure they are in compliance with federal laws and regulations.
Our services include conducting a thorough risk assessment, designing and developing policies and procedures, and assisting with the implementation of controls to detect and prevent money laundering and other illegal financial activities.
What’s included?
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.
Our BSA/AML programs 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.
Options and pricing
We understand that every business is unique and may have different needs and budgets when it comes to BSA/AML compliance. That's why we offer different packages to fit your specific requirements. With our flexible approach, you can choose to either design your own BSA/AML compliance program using our pre-made templates or opt for our full-service package, where our team of experts will take care of the entire process for you.
Compare options
BSA/AML Compliance Program - Full Service
We will develop a customized BSA/AML Compliance Program that fits your organization's circumstances and requirements.
What's included?
Price:
starts from $5,000
Contact us today to get a free consultation!
We understand that it can be overwhelming to navigate the BSA/AML compliance landscape. That's why we're here to help.
