Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and OFAC (Office of Foreign Assets Control) Compliance

BSA/AML compliance remains a significant risk for all banks and an important focus for regulators. Our practice is staffed with former federal examiners and BSA officers from foreign and domestic banks.

Our proven approach for creating customized BSA/AML and OFAC compliance programs is designed to meet the unique needs and risks of each financial institution. We assist our clients with establishing and maintaining effective programs to prevent money laundering and terrorist financing activity.

Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and OFAC (Office of Foreign Assets Control) Compliance Services include:

BSA/AML and OFAC Program Review and Development

» BSA/AML Risk Assessment
• OFAC Risk Assessment
• Independent Testing
• Policies & Procedures (Transaction Monitoring, OFAC, CIP, KYC/EDD)
• Account Opening Procedures
  • Customer Identification Program (CIP)
  • Customer Due Diligence (CDD)
  • Enhanced Due Diligence (EDD)
• Gap Analysis
• Training
• Record-Keeping and Retention Requirements

BSA/AML and OFAC Department Functions

• Suspicious Activity Reporting (SAR Drafting)
• Transaction Monitoring Alert Review (outsourcing, backlog)
• BSA/AML Internal Audit Support
• Quality Control
• Client Vetting and Due Diligence
• OFAC Testing and Filtering
• Transaction Monitoring Rules Verification
• Efficiency Studies
• Technology Vendor Selection
• Compliance Staff Support (Officers, Subject Matter Experts, Analysts)

BSA/AML and OFAC Program Review and Development

• AML/BSA and OFAC System Reviews
  • User Acceptance Testing (UAT)
  • Rules Verification
  • Data Verification
  • System and Rules Validation
  • System Effectiveness & Optimization
• Transaction Look-Back Projects
• Know Your Customer (KYC) Remediation
• Regulatory Exam Support
• Mergers & Acquisitions

Learn more about how we are uniquely qualified to serve your financial institution:
» International Banks
» Community Banks
» Credit Unions
» Bank Holding Companies
» Money Service Businesses
» Asset Management Firms