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Tailored BSA/AML Compliance Service

Compliance Services for Community Financial Institutions

A sound compliance program is essential to the efficient and successful operation of a financial institution. It no less important than the bank’s business plan. The regulatory expectation is that the bank shall have a written compliance program with the following components:

  • Written policies and procedures
  • Formal Training
  • Adequate Monitoring of Consumer Complaint response

It is not expected that all compliance programs will be the same. The formality and complexity of the compliance program, will be dictated by numerous considerations, including:

  • size of institution
  • number of offices
  • how it is organized
  • business strategy
  • types of products
  • location of each office and
  • international or internet based business

Take away: what we do is set up a compliant, manageable and effective program that suits you institution’s circumstances and help you stay inside the lines.

What is important is the effectiveness, not the formality.

This is especially true for small institutions where the program may not be well documented, but an effective monitoring system has been established that ensures overall compliance. We help get the policy and procedure in place so that what you do is what you say. During periods of expansion or turnover of staff, a written compliance program becomes more important because individuals with the particular knowledge or experience may no longer be with the institution or available for contact.

Read more about the regulatory expectations of a compliance program.