Anti-Money Laundering Compliance Advisory and Forensics
BDO Consulting's Anti-Money Laundering Compliance Advisory and Forensics practice assists financial institutions and organizations by providing services to mitigate the risk associated with money laundering schemes. Through a combination of compliance and investigative services, BDO Consulting can assist the financial community in mitigating risk as well as complying with anti-money laundering (AML) mandates and enforcement actions.
Consulting Services
Money laundering transactions can damage an organization's finances and reputation. Both preparation and monitoring are important to avoid the impact of money laundering schemes. Our professionals have provided AML services to a broad cross-section of the financial services industry, including:
- Domestic and Foreign Banks
- Broker/Dealers
- Insurance Companies
- Large Money Services Businesses
- Hedge Funds
- Precious Metal Traders
- Diamond and Precious Gems Traders
- Trade Finance
Risk Management
An independent evaluation of an institution’s AML policies and procedures can help reduce the risk of falling victim to a money laundering scheme, as well as strengthen existing AML systems. BDO Consulting’s AML services are designed to assist our clients' compliance with applicable laws and regulatory guidance, including:
- Bank Secrecy Act
- USA Patriot Act
- Money Laundering, 18 U.S.C. § 1956
- Prohibition of Unlicensed Money Transmitting Businesses 18 U.S.C. § 1960
- Gramm-Leach Bliley Act
- NASD Rule 3011
AML Program Components
For any organization or financial institution, there are several components of an effective AML program that are critical to its success, including:
- Knowing your customer (KYC)
- Complying with AML laws
- Working with law enforcement and regulatory agencies
- Providing knowledge and training on AML policies and procedures
- Providing on-going assessments of the risks associated with money laundering
Responsiveness
Organizations can achieve a significant competitive advantage by managing their AML program as part of a longer term vision for compliance initiatives. An AML program is most effective when its strategic value is embedded within an organization’s efforts to monitor and enforce regulatory compliance. Such efforts may lead an organization to facilitate operational improvements, provide training to employees, consider program implementation costs, as well as data quality, source and integration between the systems where data is sourced.
Comprehensive and Customized Service
BDO Consulting takes a comprehensive approach to AML compliance advisory. Our experienced AML professionals understand that each project is unique, and assist clients by creating AML services tailored to their specific structure, institution and needs. We offer continuous advice and ongoing updates throughout an investigation, as well as strategic direction based on our findings.
BDO Consulting provides client institutions with a range of services that encompass the AML compliance function as well as regulatory requirements and industry standards, including:
- Systems and transaction testing
- Retroactive look-backs of previous transactions
- Research, independent reviews and investigations
- Systems development, integration and analysis
- Strategic advice and training
- Assistance with regulatory enforcement actions
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