Prevention through technological sophistication.
Preventing money laundering schemes requires vigilance, sophistication, and a proactive approach. BDO assists financial institutions and organizations by providing compliance, advisory, and forensic services to meet regulatory mandates, as well as address enforcement actions and mitigate risks. Our technology specialists draw on significant experience implementing customized, risk-based IT infrastructures, policies, and procedures, as well as performing BSA/AML risk assessments.
We offer AML services to a broad cross-section of the financial services industry, including domestic and foreign banks, broker/dealers, insurance companies, money services businesses, hedge funds, and trade finance entities.
- Independent monitoring
- Systems and transaction testing
- Retroactive look-backs of previous transactions
- Research, independent reviews and investigations
- OFAC evaluation and enhancement
- Systems development, integration and analysis
- Big Data strategy and its benefits in BSA/AML
- Strategic advice and training
- Assistance with regulatory enforcement actions
- Customer (KYC) and enhanced due diligence (EDD) advisory
Many financial institutions must replace early systems with robust AML technology that is capable of integrating the front, back, and middle offices. BDO works with clients to fulfill regulatory requirements by implementing a risk-based AML IT infrastructure and putting in place related policies and procedures, specially tailored to our clients’ needs.
We also provide training on newly implemented technology, as well as help organizations deploy and utilize technology effectively to mitigate money laundering risks. Additionally, BDO’s global network of resources located in over 150 countries enable us to respond rapidly to our clients’ need to build a strong compliance foundation, including alignment with local country and U.S. data privacy laws.