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Gathering the necessary resources of both staff and technology is paramount to keeping up with the complex BSA/AML requirements.  Once in place, AML programs face another challenge: operational effectiveness. 

How we can help
Relying heavily on your existing risk assessment, we gauge the effectiveness of and provide improvement suggestions for five key areas:

• Staffing and governance—Our staffing analysis identifies redundancies between compliance and BSA operational functions.  Additionally, we review the effectiveness of your policies and procedures, including their implementation.
• Technology—We determine where false alerts can be minimized and where high-gain AML investigations occur given your institution’s risk profile. 
• Customer due diligence (CDD)process— Our professionals review the effectiveness of the tools used conduct CDD, how information is stored and how an institution uses that information to monitor transactions.
• Monitoring and investigation process—We review your institution’s investigation and monitoring function separately from the technology enabling this function.
• Suspicious activity report(SAR) decisioning and reporting—We assess the process used to determine whether to file an SAR.  Our methodology focuses on your SAR decisions and the processes followed to arrive at the decision.

Though a holistic assessmentof these BSA/AML functions is the most effective, assessments of selected areasare also possible.