BSA Strategies - BSA risk assessment, Patriot act compliance, Anti laundering money, Bank secrecy act, BSA AML Compliance

BSA Strategies - Bank Secrecy Act Risk Assessment and Compliance

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“To Ensure Compliance,
Banks Should Establish and Maintain an Effective
OFAC Program”

BSA & AML Compliance

Are There Deficiencies in Your BSA Compliance?

Working closely with your BSA Officer, BSA Strategies can help ensure your financial institution is in compliance, meeting the complex and ever-expanding regulators requirements.

While regulators are making an effort to work together and provide clear compliance expectations, it is a complex process. BSA Strategies works closely with regulators to understand exactly what they are looking for. Playing an integral role on behalf of financial institutions, BSA Strategies maintains open lines of communication with regulators, law enforcement agencies and trade groups, including:

Comptroller
of Currency

Federal
Reserve

FinCEN

FDIC

Office of
Financial
Regulation

American
Bankers Association

Bank
Administration
Institute

Anti-Money Laundering

Required by the Patriot Act, every financial institution must establish an Anti-Money Laundering Program.

According to the Federal Financial Institutions Examination Council guidelines an AML Program must be in writing and must include:

	Office of Foreign Assets Compliance

	As a matter of sound banking practice and in order to ensure compliance, banks should establish and maintain an effective, written OFAC program commensurate with their OFAC risk profile. The program should identify high-risk areas and provide for appropriate internal controls.

•	the development of internal policies, procedures, and controls;

•	the designation of a compliance officer;

•	an ongoing employee training program; and

•	an independent audit function to test your program.