Federal regulations and the Financial Crimes Enforcement Network’s focus on detecting and reporting suspicious activity create unique challenges for organizations.

Focus on the most relevant risks with our Certified Anti-Money Laundering (AML) Specialists® who can help you refine your policies and procedures and gain greater efficiency through:

• Risk assessment consultation
• Bank Secrecy Act (BSA) program and Office of Foreign Assets Control (OFAC) independent testing
• BSA department staffing support and staff augmentation
• Model validations

What Is the Bank Secrecy Act?

The Bank Secrecy Act (BSA) is a series of US laws and regulations aimed at combatting money laundering and financing terrorism.

The BSA requires banks to establish a BSA/AML compliance program to better promote financial transparency and deter those who abuse financial systems to launder criminal proceeds or move funds for other illicit purposes.

Keep your organization compliance with guidance from our professional.

Key Focus Areas

We conduct reviews of organizations’ Anti–Money Laundering (AML) program for compliance with provisions of the BSA and amendments; USA PATRIOT Act, including provisions of sections 326, 314(a) and (b); and Foreign Assets Control Regulations, including provisions extending to financial institutions from the Office of Foreign Assets Control (OFAC).

Engagements are performed according to guidelines established in the 2020 Financial Institutions Examination Council (FFIEC) BSA Examination Manual and subsequent FinCEN updates.

Operations and Internal Concerns

• Follow-up, previous findings, and recommendations
• AML risk assessment
• Written programs and policies
• Board of directors oversight
• Record retention
• Employee training

Customers and Due Diligence

• Customer identification programs (CIP)
• Customer due diligence (CDD)
• Enhanced due diligence

Suspicious Activities

• Suspicious activity monitoring and reporting
• Suspicious activity reports (SAR) (FinCEN Form 111)
• Validation of monitoring software or reporting

Transactions

• Currency transaction reports (CTR) (FinCEN Form 112)
• Cash transaction aggregation
• Currency transaction reporting exemptions (FinCEN Form 110)
• Information sharing
• Purchase and sale of monetary instruments
• Funds transfer records (Travel Rule)

International Concerns

• Foreign correspondent account recordkeeping and due diligence
• Foreign bank and financial accounts reporting (FinCEN Form 114)
• International transportation of currency or monetary instruments reporting (FinCEN Form 105)
• Office of Foreign Assets Control
• Correspondence Between IRS, US Treasury, and FinCEN

Matching deep industry experience spanning 35 years with creative strategies uniquely tailored to your organization, our professionals can help with tax, assurance, and consulting solutions while uncovering timely opportunities for growth.

Our professionals are solely dedicated to financial services clients with a deep understanding of common risk areas and best practice recommendations—bringing passion, expertise, and a spirit of active collaboration to each engagement.

We serve more than 2,200 financial services and financial institutions clients nationwide. Our programs are based on in-depth risk evaluation to focus work on areas that represent the greatest exposure and assisting clients in strengthening controls and improving processes.