Financial Crimes Solutions
Financial Crimes Solutions
Christine M. Fenske
CPA
Managing Partner
Kevin Schalk
CPA
Partner
Russell Sommers
CPA, CISA
Partner
Ashley Farrell
CPA, CPE, CFF
Director
Manny J. Muriel
MBA, EA
Director
Mark J. Boettcher
CPA, CISA, CBCP
Partner
Christopher J. Tait
MBA, CISA, CCSK, CFSA, CCSFP
Principal
Anti-financial crime compliance is more than checking a regulatory box.
It’s a commitment to your community. An estimated $800 billion to $2 trillion is laundered every year by nefarious groups and individuals. Stay ahead of the curve with technology led solutions. Enabling you to focus on the risks unique to your institution and playing your part in fighting financial crime.
Baker Tilly’s Financial Crimes Unit consists of seasoned professionals who can design, implement and optimize a risk-based approach to preventing and detecting financial crimes and ensuring compliance.
Our services
Independent testing
- Bank Secrecy Act (BSA) compliance
- Office of Foreign Assets Control (OFAC ) compliance
- Transaction monitoring system validation
- Program development and enhancement
Program design, implementation and optimization
- Risk assessment
- Policies and procedures
- Transaction monitoring system selection and implementation
- Transaction monitoring system tuning
Governance and remediation
- Customized board and employee training
- Regulatory response
- Enforcement action remediation and monitoring
- Consent order remediation and validation
- Look-back analysis
- Fraud investigation
Outsourced and managed services
- Know your customer (KYC), customer due diligence (CDD), enhanced due diligence (EDD)
- Customer risk rating review
- Continuous monitoring
- Sanctions screening
- Alert triage
Anti-bribery and anti-corruption services
- Bank Bribery Act (BBA) Compliance
- Foreign Corrupt Practices Act (FCPA)
- Anti-corruption, anti-bribery solutions
Evolve your risk program
With an increasingly complex risk landscape, maintaining compliance is more difficult than ever. To address money-laundering and sanctions risks and keep clients ahead of the regulatory curve. Baker Tilly’s financial crimes specialists ensure robust procedures are designed and implemented, staff are properly trained and any suspicious activity or transactional red flags are proactively identified and swiftly investigated.
Baker Tilly meets you where you are in your compliance journey. Our programs are custom designed to protect organizations, whether you’re just starting out or have an established program. We work with organizations including banks, credit unions, attorneys, auto dealers, jewelers, casinos, cash-intensive businesses, money services businesses (MSBs) and more.
Areas of regulatory focus
Detect, monitor, mitigate, prevent and investigate solutions to regulator's current focus areas.
- Sanctions
- Cannabis-related businesses
- Cryptocurrency
- Training
Sanctions
In the ever-evolving geopolitical climate, complying with sanctions requirements is incredibly complex. We can help with everything with:
- Assessing risk and building compliance programs
- Testing policies and procedures
- Performing outsourced screening if the volume of alerts is just too hard to manage.
Cannabis-related businesses
No matter the status of legalization in your state, we can help you understand the risks associated with doing business with marijuana related businesses, including:
- Establishing policies and procedures to identify Tier 1, 2, or 3 MRB’s
- Ensuring all compliance activities are optimized for reporting requirements
Cryptocurrency
If you are a cryptocurrency exchange you need to establish a risk-based BSA/AML program and receive independent testing over it. If you are a financial institution that has crypto companies as a client, you know the risk landscape is distinctive and more due diligence is required. At Baker Tilly we can help both crypto firms and financial institutions with compliance. Including BSA/AML and sanctions requirements while ensuring all processes and technology are optimized to the particular risk profile of your organization.
Training
Training is the backbone to preventing and detecting financial crimes. Proper training keeps your team informed of the latest risks impacting your industry. Additionally your team will understand how their roles can support regulatory requirements. Ultimately protecting your organization and the communities you serve.
Featured insights
Protect your financial institution against fraud: How to upgrade your anti-money laundering (AML) system
Fraud is attacking financial institutions like yours. Update your anti-money laundering (AML) system from a manual to an automatic system and learn best vendor management practices.
Cryptocurrency, the risk banks already have
This article discusses how banking institutions are evolving their crypto programs to participate in the evolving crypto marketplace.
BSA Updates: Treasury preparing regulations related to new anti-money laundering and corporate transparency law
Read Baker Tilly’s informative article article for insight about new regulations on anti-money laundering and corporate transparency laws.
COVID-19’s impact on compliance monitoring: a look at BSA and fair lending
This article discusses the impact that the coronavirus pandemic has had on the Bank Secrecy Act (BSA) and fair lending compliance.
FinCEN and Fed issue joint proposal on BSA recordkeeping and travel rules
This article highlights the Financial Crimes Enforcement Network’s (FinCEN) and the Federal Reserve’s (Fed) joint proposal on Bank Secrecy Act (BSA) recordkeeping and travel rules.
Uncovering a new frontier in cryptocurrency asset tracing
Cryptocurrency markets should not be seen as a safe hiding place. Investigators have many tools, old and new, at their disposal.
Why BSA compliance is critical today
In a recent survey conducted by the Risk Management Association to determine the biggest challenges faced by community banks, complying with the Bank Secrecy Act (BSA) was at the top of the list. This is especially relevant right now given the increased emphasis regulators are placing on compliance with the BSA.