BSA / AML Management Assessment
Ask Yourself...
- Are the right people in your bank trained in Bank Secrecy Act and Anti-Money Laundering regulations, and can you document that training?
- Has the bank's program for monitoring Anti-Money Laundering activity expanded since the adoption of the USA Patriot Act, and have you been recently tested and / or audited?
- Can your compliance department define the gaps in your BSA / AML programs and take the right steps to get them in compliance?
A “no” answer to any of these questions can signal serious deficiencies in a financial institution's BSA / AML compliance.
As part of BSA / AML Compliance engagements, Brintech’s compliance consultants work with organizations to write and implement a plan that
- Develops a written Anti-Money Laundering program that documents internal controls
- Accounts for adequate, independent testing of the compliance programs
- Implements adequate processes for defining and reporting suspicious activity
- Trains staff on all key BSA / AML requirements.
The Right Tools for BSA / AML Compliance
To meet compliance requirements, organizations must implement effective Anti-Money Laundering programs, supported by comprehensive assessments of risk. bSACOMPLY provides the framework to develop the required assessments of BSA, OFAC, and Anti-Money Laundering compliance risks across the organization.
bSACOMPLY contains specific risk assessment frameworks to help prepare
- OFAC quantity of risk assessment
- BSA quantity of risk assessment
- Product risk assessment
- Geographic risk assessment.
These risk assessment frameworks contain a range of criteria to evaluate the likelihood of a particular product or office being more or less likely to be used for money-laundering or terrorist financing. bSACOMPLY presents the results in a quantitative, scored format, significantly improving upon narrative assessments.
Request a live demo of bSACOMPLY, or request a proposal for a BSA / AML Management Assessment today!
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