Bank Secrecy Act Model Validations
Regulatory guidance requires that BSA transaction monitoring systems be validated on an annual basis. We conduct BSA validations using full transactional data (not samples), which enables verification of data mapping and ruleset functionality. Our full validations also enable us to make recommendations regarding threshold and parameter optimization. We have experience in performing model validations for systems such as:
- Patriot Officer
and more ! Our model validations are thorough and precise, with a full and detailed work on what we did and the results.
We are also well versed in testing OFAC filtering systems and validating their functionality and parameters.
Bank Secrecy Act/OFAC Consulting Services
We are well versed in developing and enhancing BSA Compliance Programs, and fixing deficient Programs. Our capabilities include developing/conducting:
- BSA/AML/OFAC Risk Assessments
- BSA/AML/OFAC Policies and Procedures
- Customer Risk Rating Procedures and Processes
- Customer/High Risk Customer Questionnaires
- High Risk Customer Reviews
- Sections 311/314 lists
- CTR/SAR reviews and CTR exemptions
- Board/Committee/Management/Personnel Training
- OFAC Filtering and Reporting Programs
and more ! We have the knowledge and experience to address any and all BSA needs.
Why Use Us for BSA/AML/OFAC Solutions
BSA Compliance Program deficiencies can lead to considerable remediation costs and potential Civil Money Penalties. Institutions can and have incur significant Civil Money Penalties for repeated, unremedied Program deficiencies. Our experience and knowledge in building compliant BSA programs and remedying deficient BSA programs makes us the logical choice for your BSA needs !
Reach Out to Us Today
Let us help you achieve an efficient and compliant BSA program. Reach out today for a free consultation !
Bank Secrecy Act Enforcement Actions, Remediation, and Lookbacks
We have considerable experience in remediating BSA deficiencies, including remediating BSA enforcement actions, and getting BSA enforcement actions terminated.
We also have considerable experience conducting BSA program lookbacks, in which an institution's monitoring program has been deemed insufficient and is required to conduct a "lookback" and review all customer transactions for potential unusual and suspicious activity.