Proactive Solutions or Reactive Adjustments Turning the Corner on BSA/AML

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.  Every bank and customer is different.

Money Launderers continuously evolve, so must institutions.  The secret to success is making the decision to be proactive; rather than reactive.  There are do’s and do not’s when it comes to getting ahead of supervisory expectations. 

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.  Both options are typically a reactive event.  Typically, their conclusions are dependent on further work and more consultation.  

There is an easier, less expensive and more timely solution.  Engage an industry expert that is equipped to help you achieve success.  There’s a limited number of experienced industry experts with the ability to turn your program into a proactive asset; rather than a reactive expense.  Contract-based or more long-term options exist.    Ken Simmons, AML Solutions for Community Banks, has a proven track record resolving AML and Compliance challenges within 6-months.  Here are a few approaches:

  1. identify suitable controls to remedy shortcomings.  These controls shouldn’t be difficult.  An industry expert has implemented solutions dozens of times, without failure.
  2. 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.
  3. 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.  We are seeking the correct “ACTION”!
  4. 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”.  Anyone can train a regulation.  We provide training on how to be successful in your position.
  5. We can empower your team to succeed on their own merits, identify opportunities to be proactive and keep the bank in a proactive position going forward.

Desire for your examinations to be smoother with significantly fewer recommendations? Engage an industry expert to 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 Bankstoday.  (318) -355-3848

5 thoughts on “Proactive Solutions or Reactive Adjustments Turning the Corner on BSA/AML”

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