AMS Model Reviews

jennifer rura

TCA Compliance Expands its BSA/AML Team with New Associate, Jennifer Rura

TCA Compliance has expanded its staff in response to greater demand for its BSA/AML consulting services. Jennifer Rura CAMS, CCBP, recently joined Oak Brook, Ill.-based TCA as a BSA Associate. “We are seeing examiners more consistently expect model validations of automated monitoring systems,” comments Brian Crow, TCA’s Managing Partner/Co-President, who leads TCA’s seven-person BSA/AML team. …

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fraud being stopped

FinCEN Guidance on Medical Scams and COVID-19

As we continue to adjust with the evolving pandemic, FinCEN published two documents to keep awareness high. The May 18, 2020 Notice provides a current update to meet the various BSA reporting, recordkeeping and monitoring requirements.  Here are a few of the key points: BSA Reporting Requirements – As noted in TCA’s earlier article BSA …

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audit

Examiners Stress Independent Audit Critical to BSA Success

On July 22, 2019, the prudential regulators issued FIL-43-2019 making a joint statement on BSA/AML risk-based approaches in examinations. TCA’s BAT reviewed the statement and took away three key points: transparency, risk assessment and independent audit. Transparency – The statement states: “This statement is intended to improve transparency into the risk-focused approach used for planning …

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BAT CHAT

Quality Assurance Monitoring for BSA/AML Compliance Programs

When your institution is examined for compliance with any law or regulation, the measure of your efforts will be based on your ability to self-identify and self-correct any deficiencies. Ongoing monitoring of key processes helps to ensure that any errors or warning flags are identified early. Monitoring is a required element of a compliance management …

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BAT CHAT

Model Validations—Why Do I Need a GAP Analysis?

The regulators are upping their game and are becoming more familiar with Automated Monitoring Systems. They are starting to push the boundaries of a model validation and their expectations for a “complete” model testing review. Some examiners are more advanced than others, but the word is being spread and soon they’ll all catch on! This …

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