Community Banks are in a unique position. They are required to have an AML Program commensurate with their size, complexity and risk. Examiners compare these banks and the controls they have in place with the larger institutions. There is no template or a definitive guide to complying.
This has been an upward battle since 2001. Everyone, including examiners are trying to figure out the next plateau. Banks are encouraged this year to reach “X” goal. When you reach success they move the finish line. This has occurred over an over again. Wouldn’t it be great if you had an expert that could help you get ahead of the criticism? There are do’s and do not’s when it comes to getting ahead of examinations.
When addressing exam reports or audit conclusions; Management scratches their head and hires one of two types of firms to help with challenges they are facing. These include either a consultant or an audit firm.
Both of these options provide value to your organization. Typically their conclusions are dependent on further work and consultation.
There is a 3rd option available to community banks. Why don’t you engage an industry expert that is equipped to help you achieve success? AML Solutions for Community Bankswill:
- identify suitable controls to remedy shortcomings. These controls shouldn’t be difficult. An industry expert has implemented solutions dozens of times, without failure.
- Engage your existing team to elevate their knowledge and build on their experience. Your team is your strongest control. Let’s empower your own players.
- Review your existing risk assessments, policies and procedures. But more importantly help you to devise these tools to enhance your AML Program. An industry expert is not reviewing for the “right” words. They will review for the right action.
- Provide easy to follow training to your employees and Board as needed. An industry expert is able to provide training on “what you need to know to do your job”.
If you desire for your examinations to be smoother with significantly fewer recommendations, you must transform your program from reactive to proactive.
If you are a Bank President or CEO that stays awake at night because BSA/AML issues are a thorn in your side; you wonder if your existing team is efficient and effective; or you have just finished an examination and need REAL help …. Call AML Solutions for Community Banks today. www.amlSolutionsexpert.com (318) -355-3848