The Bank Secrecy Act (BSA) has long been part of the regulatory landscape as a fundamental component of the safety and soundness process. Bank Secrecy Act and Anti-Money Laundering (AML) compliance continues to be a focal point for regulatory bodies and represents an ongoing challenge for institutions, both large and small, and impacts a wide array of industries from credit unions and banks to mortgage companies, as well as insurance organizations and the gaming industry.
At a minimum, an effective BSA/AML program includes:
- A system of internal control to ensure ongoing compliance;
- Independent testing of BSA/AML;
- The designation of an individual responsible for day-to-day compliance;
- Training for appropriate personnel; and
- Risk-based procedures for conducting ongoing customer due diligence.
CRI’s consulting professionals have significant experience and expertise in assisting our clients in not only meeting the minimum standards but in developing best practices via our AML services which include: