AML compliance
AML compliance consulting to give you best practices for meeting current and emerging compliance regulations to protect your organization
Attention on compliance and Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations is increasing, especially for companies operating within highly regulated sectors. However, as employees struggle to address potential vulnerabilities, they must also review ever-changing regulations and forecast for emerging regulations that touch their operations and systems.
Working within large community, regional and global financial institutions, RSM’s skilled AML consultants can serve as an extension of your team. We continuously monitor and interpret changing AML compliance, optimize current processes and align planning to help protect your organization. We can also work with you to implement new automation technologies that increase effectiveness and efficiencies while potentially helping you save on costs.
RSM helps you plan for long-term compliance, aligning efforts and enhancing processes across all lines of defense. In addition, our deep financial services experience enables us to help you comply with key regulations across international, national and state jurisdictions. Our consultants work with you to:
- Evaluate the current state of your compliance program and address any deficiencies to enhance controls.
- Audit all aspects of your Compliance Management System (CMS) and suggest strategies and improvements for governance, monitoring, training and testing.
- Maintain ongoing and follow-up assessments as regulations change.
- Conduct independent testing of all main functional areas, as well as BSA and AML software and systems.
- Evaluate fair lending compliance programs, risk factors and controls, and use data analytics to identify disparities in credit decision outcomes, pricing and geographic distribution.
- Respond to enforcement actions and transaction look-backs by leveraging our team’s vast industry experience and technical acumen.
Comprehensive BSA/AML and regulatory compliance services
RSM creates agile AML validation models to monitor AML and Office of Foreign Assets Control (OFAC) screening systems to ensure inputs, processing and reporting are being properly conducted and models are performing as specified.
The framework of our program incorporates the evaluation of the core elements of each model, including:
- Conceptual soundness
- Ongoing monitoring processes
- Outcome analysis
- Management oversight
- Model policy and procedures
- Control activities
Our experienced AML team can help strengthen your AML compliance program and optimize AML sanctions program development, program buildout, risk assessment and gap assessment.
RSM advisors provide services to help you address complex AML and sanction challenges in several critical areas, such as:
- Program advisory
- AML enforcement action remediation
- AML model validation
- Independent testing
RSM’s track record for developing and executing successful AML compliance strategies range from some of the largest global financial institutions to community banks and credit unions. We are at the forefront of innovation and work with our clients to implement new technologies to increase the effectiveness and efficiency of AML controls and programs.
Regulatory scrutiny and risk are facts of life for financial institutions. When one or more of the four pillars of a Bank Secrecy Act program presents a deficiency, facing enforcement actions is often the consequence. Enforcement actions often mandate the engagement of an independent party to remediate deficient AML program components, investigate previously undetected suspicious activity, and monitor the status and effectiveness of the institution’s corrective action plan.
RSM’s experienced team can evaluate specific governance, structures, processes and controls within your AML program following an enforcement action, identifying and remediating any weaknesses. We customize our approach to the unique risk profile of your institution and requirements of the enforcement action, focusing on developing and executing a corrective action plan that results in a compliance program that is sustainable and consistent with regulatory expectations and industry standard practices.
RSM services include:
- BSA/AML and Office of Foreign Assets Control (OFAC) risk assessments
- Validation of compliance with remediation plan
- Program assessments
- Customer due diligence (CDD)/enhanced due diligence (EDD) methodology and processes assessments
- Suspicious activity monitoring
- OFAC and sanctions compliance assessments
Compliance with regulatory requirements is a struggle for growing financial institutions. RSM guides clients in navigating complex risk environments, helping you understand regulatory changes, employ technology solutions, respond to remediations and look-backs and well as evaluate assessments, enforcement actions and regulatory compliance audits.
AML and regulatory compliance insights
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Additional insights and solutions to achieve your organization’s goals
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