Every financial institution could be involved in a money-laundering scheme, especially with potentially unknown or unrecognized exposure due to the increased use of cryptocurrencies and other emerging products. The remote processing environment also increases the risk and exposure to the business processing environment. Financial institutions are facing added scrutiny in regard to BSA and AML governance from the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Federal Reserve Board of Governors (FRB), National Credit Union Administration (NCUA), and state regulators such as the New York State Department of Financial Services (NYDFS) making prevention and detection vital to the success of your business, the financial services industry and the global economy.
Financial institutions must ensure they have a system of controls in place to effectively monitor and address their regulatory compliance in a timely manner. This is usually accomplished through the development and implementation of a detailed system of controls to make certain business operations are not only complying with existing regulations, but also have an active and flexible continuous transaction monitoring system that can be adjusted as new risks arise.
An effective BSA/AML compliance program requires sound risk management and controlling risks associated with money laundering and terrorist financing. Because AML laws and regulations often change, it is essential to stay abreast of the latest regulations. Our experienced team can help you to sort through these guidelines, ensuring that your organization has the controls and procedures in place to address potential illicit financing and resolve any gaps in your compliance program related to the most current regulatory guidelines.
