Consumer Compliance

Creating policies is Step 1. But are you actually following them?

In the current regulatory environment, financial institutions frequently find themselves facing tough mandates and regulatory actions related to money laundering and terrorist financing. The potential sanctions, penalties, and risk to reputation are daunting.

Our team has extensive experience assisting financial institutions with anti-money laundering (AML), Bank Secrecy Act (BSA), and Office of Foreign Assets Control (OFAC) compliance programs.

OUR SERVICES INCLUDE:

  • Independent testing of compliance with: Bank Secrecy Act, Anti-Money Laundering Rules and Regulations, and Office of Foreign Assets Control
  • AML/BSA/OFAC risk assessment
  • Look-Backs
  • AML Due Diligence
  • Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) review and remediation

EXAMPLES OF ASSISTING BANKS TO COMPLY WITH CONSENT ORDERS INCLUDE:

We assisted a bank in South Florida to implement corrective actions to comply with a Consent Order issued by the OCC. Our team developed a risk-based strategy for performing an investigation look-back of the Bank's high-risk accounts to help the Bank identify any possible suspicious activity requiring applicable reporting. Our analysis also included a review of the KYC/CDD/EDD documentation for the respective customers.

We assisted a bank in South Florida to implement corrective actions to comply with a Consent Order issued by the OTS. Our team developed a risk-based strategy for performing an investigation look-back of the Bank's accounts to help the Bank identify any possible suspicious activity requiring applicable reporting. Our analysis also included a review of the KYC/CDD/EDD documentation for the respective customers.

We assisted a national bank in South Florida to implement corrective actions to comply with a Consent Order issued by the OCC. Our engagement included a look-back analysis and KYC/CDD/EDD remediation of approximately 1,200 high-risk accounts covering a one-year period.

Primary Contact:
Ivan Garces, CPA, CFE, CFF, CAMS
Forensic & Regulatory Compliance Services Principal
(305) 646-6054 | phone
(786) 470-2194 | fax
igarces@kaufmanrossin.com