Risk assessments / CIP / OFAC
Due Diligence / Enhanced Due Diligence
Politically Exposed Persons
Money Services Businesses
SAR Investigations and Reports
AML Model Validation
BSA/AML Audits and Reviews
We bring practical, tailored BSA/AML solutions that allow you to meet your regulatory obligations and deliver essential support and training to foster a culture of compliance.
BSA/AML compliance never gets simpler.
Instead, year after year, we see more layers of complexity that make it more challenging for banks to comply with the Bank Secrecy Act and Anti-Money Laundering requirements.
Identifying, testing, managing, and controlling such risks require vigilance and someone to keep an eye on the minutiae.
We’re those eyes.
In addition, we bring you the knowledge and expertise to ease your team’s strain and workload and prepare you for your next exam. We also ensure that you have a solid plan in place to address your BSA/AML obligations for the long term.
That team comprises seven former bankers who are skilled at spotting and correcting the most common problems—inadequate systems, documentation, procedures, or staffing levels—and addressing the subtle, complex risks specific to your institution.
During engagements, we work collaboratively with your team and provide daily updates—something that’s invaluable in resolving challenges throughout the engagement.
We think it’s A Better Way than finishing a review and handing you a report with surprises and intimidating to-do lists.
You also can expect guidance from BSA/AML specialists through TCA’s RCM Hotline, routine check-ins that keep your program on track, and discussions about FinCEN updates and how they affect your compliance program.
Through this ongoing support and discussion, we help you nurture your bank’s culture of compliance and enhance your skills so that you can recognize and avoid regulatory minefields.
TCA offers A Better Way for you to comply with the Bank Secrecy Act's complicated obligations and related requirements.
Key Deliverables Include:
- Assessing the effectiveness of the design of your bank’s BSA/AML Program and testing the integrity as it relates to BSA/AML compliance requirements in accordance with FFIEC Exam Manual Standards.
- Measuring BSA/AML staff’s understanding of internal policies and procedures.
- Offering the Board of Directors perspective on the overall status of the BSA/AML Compliance Program.
- Developing conclusions about your BSA/AML compliance program's adequacy, reporting, and explaining our findings, and making recommendations on ways to improve your program's effectiveness.
BSA / AML Insights
When dispositioning alerts from our automated BSA/AML monitoring system, how much information is enough?
Answer: TCA continues to see examiner scrutiny on alert resolution. When documenting a response to an alert, it does not need to be as in-depth as an investigation narrative; however, it must explain the who, what, where, when, why, and how. This creates continuity for other BSA staff, examiners, and auditors to understand how you …
On June 29, 2020, FinCEN published FIN-2020-G001 providing guidance for obtaining due diligence information for hemp-related businesses. The BSA industry has wrestled with cannabis and its derivative rules since FinCEN’s initial 2014 guidance for banking marijuana-related businesses. Between 2014 and 2018, hemp was equated with marijuana since both are derived from the same plant. However, …
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 …
Welcome to TCA’s BSA Back to Basics article series! Each month, our BSA experts will explore a section of the FFIEC BSA/AML Exam Manual, analyze the regulatory requirements, and offer insights to common findings in exams and audits. We will share best practices to help your BSA program continue to evolve. The first section of …
Over the past month, every facet of our lives has dramatically changed. Shelter-in-place orders, rotating bank staff, lobby closures, government stimulus programs and a myriad of regulatory updates have stretched risk management resources. TCA has received many questions from clients asking for our interpretation of guidance that has been issued in response to these regulatory …
Despite the collective efforts of law enforcement and BSA risk managers across the country, the United States is not doing the best job of finding effective and efficient ways to combat money laundering. Regulatory and legislative efforts, which are the truly meaningful actions that could be taken, are currently being worked on in Washington. A …