Bank Secrecy Compliance

BSA is complex. However, major non-compliance ia a major threat to the bank and its Directors.

The BSA/AML Compliance Program

Bank Secrecy and Anti-Money Laundering compliance is complex. It represents a great financial and reputational risk to a bank and the bank’s directors.

The first step in an effective BSA/AML program is to understand the various risks. BSA is a hyra-headed regulation that has its tentacles in lots of places inside the bank. BSA impacts operations plus credits and debits. Compliance with BSA/AML often cuts across bank departments and areas of responsibilities.

BSA/AML is the principal means a bank complies with the USA Patriot Act. The bank represents a vital piece of the nation’s fight against terrorism and money laundering. It is no wonder that regulators are in no mood to joke about bank BSA/AML compliance…and it’s the reason that sometimes examiners exhibit great sensitivity to a bank’s attitude. (Here’s what BSA/AML regulators are looking for.)

Effective BSA Compliance doesn’t have to be expensive.

But it does require good planning, faithful monitoring and effective reporting. We can manage a BSA/AML program for your bank in a variety of ways, from onsite to on-the-web. Call us and let’s talk it over.

Want to go forward? Here are the next steps:

  1. Call to discuss your needs and to obtain our Certificate of Non-Disclosure and Privacy Agreement.
  2. If we’re only spit-balling, than skip Step 3. We don’t charge for conferences or to share our experience.
  3. Review our Fee Proposal. If it is acceptable, go to next step. NOTE: depending upon the circumstances, not all information request may be necessary. The rule of thumb: if you’re paying us, we want as much information as possible. If we’re just talking, then less information may be forthcoming.
  4. Provide some information for our discussion session. Some, all or none of the below maybe appropriate.
    • Summarize examination comments (positive and negative) along with examiner recommendations and send those to us. Include in your summary both the written comments as well as any oral communication that took place. NOTE: we may not need to see copies of the actual comments; we can always review with a GoToMeeting session.
    • Gather up your current policy and procedures along with any documents you use to open accounts or perform the work. You can scan and email to our secure portal or fax them to us.
    • Gather your current reports you are using now to manage compliance.
    • Summarize your current monitoring efforts; provide copies of reports used.
  5. We’ll send you a checklist you can use to help us understand the specifics of how you operate this part of the bank and how you are managing the compliance piece.
  6. We’ll send you the “prelim” policy and procedure in a MS WORD format to review and revise.
  7. We’ll schedule a follow-up phone conference to review your changes.
  8. We’ll send the revised Policy and Procedure.
  9. You provide credit card for our billing. (Payment by ACH and/or check is also acceptable.)

Wow! All that's pretty complicated.

Maybe you should call us and talk it over. Here’s the number: 800-544-8269