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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.
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