InfoSight has expert knowledge in BSA/AML regulations and is here to help you develop one or more of the requirements for a comprehensive BSA/AML Compliance Program. All institutions must now develop, implement, and maintain an effective BSA/AML Program that addresses the changing strategies of money launderers and terrorists.
InfoSight's BSA/AML Services include:
- Risk Assessment – Evaluation of the Risk Assessment against requirements (required as part of the overall BSA/AML Compliance Program).
- Reportable Transactions Monitoring and Reporting Assessment – Evaluation of the completeness, timeliness, and accuracy of SARs, CTRs, and CTR exemptions reporting. Results of this assessment can also drive opportunities for a BSA Validation Assessment as defined below (required as part of the overall BSA/AML Compliance Program).
- Customer Identification Program (CIP) – Evaluation of the CIP Program (required as part of the overall BSA/AML Compliance Program)
- System Validation Assessment – Evaluation of the processing integrity and security of the BSA System based upon its configuration.
- Compliance Program Assessment – Evaluation of all program components that include all of the above as well as internal controls, independent testing, the assignment of responsibilities, period training.
- OFAC Risk Assessment - Assessment of OFAC risks and controls in place.
InfoSight's BSA/AML Support Services provide compliance support in one or more of the following areas:
- Compliance program independent testing support.
- Deficiency remediation support.
- Look-back support services after legal action has been taken against the institution.
- Managed services for suspicious activity alert, logging, and review.
The BSA/AML regulations are intended to safeguard the U.S. financial system and financial institutions from the abuses of financial crime, including money laundering, terrorist financing, and other illicit financial transactions.