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Don't Get Hung Out to Dry: Bank Regulators Targeting BSA/AML Compliance

12.17.2015

Cash on a clothesline graphic_iContactIn recent months, regulators have been focused on enhanced BSA/AML programs and controls when visiting financial institutions. The BSA/AML program is key in monitoring transactions related to anti-money laundering activity.

Sound monitoring systems are essential to assist in the detection and prevention of money-laundering practices. While financial institutions have monitoring programs in place, just using the rules as provided by a vendor without independently validating them can result in not all suspicious transactions or red flags being identified. Rule validation should be a significant part of ongoing monitoring of systems and practices.

To find out the five most common reasons BSA/AML programs fail, click here.

Amy Ribick, CFE, CRMABianca Sarrach, CIA, CFSA, CRMAIs all of your data getting into your BSA/AML monitoring application?

To set up a review of your BSA/AML controls, contact Amy Ribick (314.983.1347 or aribick@bswllc.com) or Bianca Sarrach (314.983.1365 or bsarrach@bswllc.com) today.

Team

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