BSA/AML Compliance Services

The reach of Bank Secrecy Act/Anti-Money Laundering compliance requirements continues to expand toward all corners of the financial services industry. For some, these requirements are a burden, but taken in stride. For others, they are the proverbial square peg in a round hole – no fit has been found. For all, the penalties resulting from non-compliance are too high to be taken lightly. ADI’s BSA/AML Consulting Services are based on experience and demonstrated expertise. We deliver those services in a customized way to meet your needs. We offer a thoughtful approach based on a clear-eyed assessment of your situation and objectives. Then we design a plan of action – spelling out the steps needed to reach your goals. Finally, we work with you to implement that plan.

ADI’s paradigm of assess, design, implement applies in many ways in all facets of a client’s BSA/AML Compliance Program. ADI can help you assess your situation, design a solution, and work with you to implement the changes. 

Compliance Program Assessment: For many reasons, your organization can benefit from an independent assessment of its compliance program. ADI can conduct the assessment you need. We can tell you whether you should to be concerned and why. We can also tell you what steps are needed to improve compliance. Our experienced consultants will conduct the assessment. Then, ADI will provide the resources for implementing its recommended actions.

Policies and Procedures: Policies and procedures must meet two goals: (1) stay current with changes in regulations, regulatory guidance, and industry experience, as well as with business processes, new markets and products, and new information systems; and (2) be accessible to and used by employees. ADI can assess the current state of your policies and procedures, design the enhancements you need for this critical part of your compliance program, and then work with you to implement them.

Customer Identification Programs (CIP): Most organizations have met the requirement for instituting a CIP, but their programs do not always work as well as advertised. ADI can design solutions to streamline your processes, whether that means reconfiguring your current system or bringing in supplementary resources for verifying customer identity. As an example, we have state of the art software solutions for verifying identities.

Transaction Monitoring: ADI can help you in many ways as you work to enhance your transaction monitoring capability. We can answer many questions, including: How do you identify potential vendors? What due diligence process should you use for evaluating them?  Which vendor should you select? How do you negotiate with the selected vendor? Alternatively, if you have a current vendor in place, how should you evaluate that vendor’s performance? If performance is sub-par, what can you do to gain improvement? If the vendor needs to be replaced, what can you do to get transaction monitoring back on track?

Independent Testing: Helping to develop and institute an effective BSA/AML program is the first part of the challenge. Ensuring that that program meets its objectives year in and year out is the second part. ADI can help you meet your obligation to conduct annual independent testing of your BSA/AML program. We have experienced consultants who know how to tailor an effective testing program, to execute the testing in a constructive way, and to document the results in a manner that promotes program improvement.

Training: Providing effective employee training regarding BSA/AML is another critical component of a compliance program. ADI can provide customized training materials, and deliver that training in a classroom setting for your employees. Alternatively, ADI can help you evaluate and select online training vendors.
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Contact us to see how ADI can assist you in managing your BSA/AML compliance risks.