• Anti-Money Laundering (AML) Program
• Audit and Review
• Training and Education
• Internal Controls

Anti-Money Laundering (AML) Program
BSA Compliance Solutions provides a comprehensive set of compliance program services. Our professionals can will appropriately assess the risks faced by your business or institution and develop a compliance program tailored to your needs.

The Bank Secrecy Act, as amended by the USA PATRIOT Act, requires certain businesses to develop and implement compliance programs that serve to diminish the likelihood of abuse by money launderers and terrorist financiers. 

Some AML Programs Requirements in Existence

1. Banks and other Depository Institutions (e.g., credit unions, thrifts, savings associations)
2. Card Clubs and Casinos
3. Dealers in Precious Metals, Stones or Jewels
4. Futures Commission Merchants, Introducing Brokers, Commodity Pool Operators, and          Commodity Trading Advisors
5. Insurance Companies (i.e. Life insurance)
6. Money Services Businesses
7. Mutual Funds
8. Operators of Card Payment Systems
9. Pawnbrokers
10. Real Estate Closing/Settlement Businesses
11. Travel Agencies
12. Vehicle Sales (e.g., automobile, airplane, and boat sales)

At Minimum.  A statutorily required AML Program must be in writing, must be related to the risk encountered by the company or institution, and must include:

1. Development of internal policies, procedures, and controls
2. Designation of a compliance officer
3. An ongoing employee training program
4. An independent audit function to test the program

Audit and Review

• Independent Audit & Review
• Diagnostic Reviews
• Pre-Examination Reviews
• Due Diligence Reviews
• Representative/Agent Reviews

BSA Compliance Solutions’ comprehensive BSA/AML audits are designed to provide your institution with a complete assessment of the effectiveness of its BSA/AML program. A full BSA/AML audit serves to meet the required annual independent assessment required by the Bank Secrecy Act and assists an institution in preparing for the next regulatory review. Included in our comprehensive BSA/AML audit is a full review and assessment of policies, procedures, and internal controls to:

• Comply with BSA/AML requirements
• Comply with OFAC requirements
• Identify and report suspicious or unusual transactions in accordance with Suspicious Activity Report (SAR) filing requirements
• Comply with recordkeeping and reporting requirements for Currency Transaction Reports (CTRs)
• Comply with monetary instruments requirements
• Comply with the Funds Transfer Rule
• Complete a relevant risk assessment
• Train employees concerning BSA/AML requirements
• Comply with Customer Identification Program and Customer Due Diligence (CDD) requirements
• Comply with Enhanced Due Diligence (EDD)requirements
• Comply with requirements for sharing information with the government

Training and Education

• Development of Training Programs tailored to Your Business
• Employee Training
• Board of Director and Management Training
• Compliance Committee Training
• Staff and Representative Compliance Training
• Audit Personnel Training
• Training/ Education Materials
• Computer Based BSA/AML Training

BSA Compliance Solutions delivers professional AML training services to clients with all levels of training and educational needs.

Internal Controls
BSA Compliance Solutions assists institutions in assessing, developing, designing and implementing BSA/AML internal controls. This service is a proactive and constructive function that compliments management’s internal review of operations and evaluation of the effectiveness of controls. 

Fraud Services
BSA Compliance Solutions can help reduce the risk of loss through fraud at your business.  We conduct thorough fraud exposure analysis to prevent and detect fraud and to uncover operating fraud schemes. Our professionals will assess the impact of current fraud schemes, enable prosecution efforts of affected businesses, and improve or develop appropriate fraud strategies and safeguards.

• Deter threats by establishing internal controls, effective reporting, and sharing best practices
• Identify current and potential high risk areas and fraud scenarios
• Identify gaps in existing fraud program(s)
• Use monitoring to benchmark “normal customer card activity” and identify anomalies, or new emerging fraud patterns
• Conduct internal and external fraud investigations, to include the transaction and document trail of fraudulent transactions
• Obtain and secure documentation/evidence
• Develop or suggest effective Incident Reporting  

Risk Management
BSA Compliance Solutions can help reduce the risk of abuse by money launderers and terrorist financiers through your business operations.  Our professionals engage in a thorough risk assessment process with each client.

• Identify relevant risk factors.
• Evaluate impact or risk factors on each business line or product.
• Assess controls as such controls serve to reduce risk.
• Design relevant risk mitigation strategies
• Develop effective risk mitigation mechanisms. 
• Identify gaps in existing risk mitigation program(s)
• Document the risk assessment process
• Share risk assessment skills with clients

Due Diligence

Among the comprehensive set of compliance services BSA Compliance Solutions offers is target company due diligence. No expanding business contemplating a merger or acquisition can afford to take on as part of the merger/acquisition a target with substantial regulatory weaknesses. Such weaknesses subject the acquirer to potential regulatory liability and, in cases of extreme deficiencies, to criminal liability.

BSA Compliance Solution  professionals can appropriately assess the regulatory risks, including the potential for criminal liability, faced by the target company and provide your business with a realistic evaluation of the potential for regulatory enforcement action as well as the potential for criminal prosecution.

If your business is considering a merger or acquisition with a company required to implement an effective anti-money laundering program. London Potomac will conduct the type of timely and thorough due diligence review that best serves your business’ needs.

Choose BSA Compiance Solutions when considering a merger or acquisition with a business involved in the provision of any financial service, including any of the following:

• Banks and other Depository Institutions (e.g., credit unions, thrifts, savings associations)
• Card Clubs and Casinos
• Dealers in Precious Metals, Stones or Jewels
• Futures Commission Merchants, Introducing Brokers, Commodity Pool Operators, and Commodity Trading Advisors
• Insurance Companies (i.e. Life insurance)
• Money Services Businesses
• Mutual Funds
• Operators of Card Payment Systems
• Finance and Mortgage Companies