BSA and AML Independent Reviews
Money laundering regulations require that banks, credit unions, money services businesses, casinos, insurance companies, and many other firms, regardless of their business or size, implement a written AML program that is reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act. The rule further requires firms to provide for independent testing of the program for compliance.
This test may be conducted by member personnel or a qualified outside party. Small firms may not have enough employees to satisfy the "independent" aspect of the testing requirement. Medium size or large firms may not want to do the independent testing themselves because of other reasons.
AMLSI can help. Our network of experts are all members of the Association of Certified Anti-Money Laundering Specialists (ACAMS®), and hold the CAMS® (Certified Anti-Money Laundering Specialist) designation. Our founder is the founding Executive Director of ACAMS.
Our AML Audit examines the key components identified by the regulators as essential for an effective AML program including:
- Compliance with relevant money laundering laws and regulations;
- Customer Due Diligence, Knowing Your Customer (KYC) including source of wealth, risk-based customer acceptance processes;
- Monitoring and decision-making process for suspicious activity reporting, including detection scenarios;
- Co-operating with law enforcement and supervisory agencies;
- Training program content and scope Communicating the firm's AML program through policies, procedures and staff training;
- and Firm risk and exposure with respect to size, business lines, customer base and geographic location.
The AML audit package includes:
- Comprehensive report with point-by-point results for senior management review;
- Recommendations for enhancing the efficiency of your AML Program if warranted.
We look forward to planning your AML Program compliance testing. Contact us at: 305-608-7888 (Miami, FL), or +51-1-994686445 (Lima) or mail to .
