Services

A blue background with various icons of compliance.

BSA, AML, OFAC COMPLIANCE

Conducting BSA/AML/OFAC (Bank Secrecy Act/Anti-Money Laundering/Office of Foreign Assets Control) compliance assignments involves a structured process to assess an organization's adherence to financial regulations and identify potential risks and vulnerabilities. It plays a crucial role in safeguarding the financial institution (FI) against money laundering, terrorist financing, and sanctions violations.

CMA’s methodology incorporates:

  • A blue magnifying glass with a bar graph on it.

    Review of the client's governance program, including policies, procedures, and risk and control self-assessment (RCSA) framework.

  • A blue document with a graph on it.

    Analysis of a risk-based determined transaction data sample.

  • A blue sheet of paper with the letter b on it.

    Documentation review including Customer Due Diligence (CDD), Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) sanctions screening compliance evaluation.

  • A blue sheet of paper with an arrow pointing to the right.

    Submission of findings, recommendations, and remediation plans.

RISK & CONTROL MANAGEMENT

Assessing risk and control management for BSA/AML/OFAC compliance involves a systematic evaluation of an organization's efforts to mitigate financial crime and ensure compliance with relevant regulations. It helps maintain regulatory compliance and safeguard the FI's integrity.

CMA's approach features:

  • A blue triangle with an exclamation point in the middle.

    Evaluation of the Risk and Control Self-Assessment (RCSA) framework.

  • A blue icon of an open book on a green background

    Documentation and record-keeping review.

  • A blue icon of a sheet with a clock on it.

    Analysis of a risk-based determined transaction data sample(s).

  • A green and blue square with an image of a check mark.

    Submission of findings, recommendations, and remediation plans.

A person drawing on a wall with many different things
A tablet with some money on top of it

COMPLIANCE MONITORING & TESTING

In executing the engagement, complex compliance testing in the BSA/AML and enterprise-wide areas is performed through the interpretation of banking regulatory requirements, policies and procedures, data collection, gap analysis, reporting, and risk identification. End-to-end compliance testing of relevant business areas is conducted, including processes, internal controls, and substantive testing of transactions in conjunction with applicable laws and regulations to mitigate risk and identify potential violations. Issues are identified for the business to enhance processes or systems that improve the overall compliance control environment.

Conducting monitoring and testing for BSA/AML/OFAC compliance involves systematically evaluating an organization's adherence to financial regulations and identifying potential risks and vulnerabilities.

The elements of CMA's Compliance M&T include:

  • A blue and green square with an image of someone 's id.

    Review of client's risk identification and assessment.

  • A blue document with an image of a wave

    Documentation review including CDD, KYC and OFAC sanctions screening compliance evaluation.

  • A blue clipboard with a checklist on it.

    Assessment of internal controls.

  • A blue icon of an object with a hole in it.

    Testing of a risk-based determined transaction data sample.

  • A blue check mark is shown on the green background.

    Submission of findings, recommendations, and remediation plans.

Targeted GRC (Governance, Risk & Compliance) Monitoring

PRODUCTS / SERVICES
ACH ATM Transactions Brokered Deposits Bulk Shipments of Currency
Cash Activity CD and Securities Secured Loans Check Activity Concentration/Suspense Accounts
Correspondent Banking Credit Cards Debit Cards E-Banking
Foreign Exchange Internal Transfers Loans & Lending Activity Lockbox
Mobile Deposit Monetary Instruments NOW, DDA, SAV & Time Deposits Online Account Opening
Pouch Services Private Banking RDC Safe Deposit Boxes
Trade Finance & L/C’s Wire Activity Zelle / P2P Payments

ISSUES & REMEDIATION PLANNING

Conducting issues and remediation planning for BSA/AML/OFAC compliance involves a structured process to identify and rectify compliance problems and deficiencies. Conducting issues and remediation planning is essential for organizations to maintain compliance with financial regulations and rectify any past compliance failures. It helps regain regulatory trust and ensures a more robust compliance program moving forward.

The key steps addressed by CMA in the process are:

  • A blue icon with an arrow and a circle

    Issue identification, documentation, and root cause analysis.

  • A blue document with arrows pointing to the center.

    Risk assessment and remediation plan development.

  • A computer screen with an arrow going up.

    Training and awareness, including escalation protocols.

  • A blue gear with an arrow and code symbol inside of it.

    Validation and testing.

  • A blue clipboard with a check mark on it.

    Submission of findings, recommendations, and remediation plans.

A man writing on the wall with words about success.
A wall with many drawings on it and two lights

ENFORCEMENT ACTION REMEDIATION

Conducting enforcement action remediation for BSA/AML/OFAC compliance involves addressing the regulatory enforcement actions or penalties imposed on an organization. Enforcement remediation is a critical process for organizations to demonstrate their commitment to complying with financial regulations and rectifying any past violations. The remediation process requires careful planning, execution, and ongoing monitoring to regain regulatory trust and maintain compliance moving forward.

Key elements addressed by CMA include:

  • A blue police officer is shown in this image.

    Assessment of requirements of the referenced Enforcement Actions and BSA/AML/OFAC compliance program review.

  • A green background with blue squares and rectangles.

    Remediation plan development with timelines and milestones.

  • A blue icon of a magnifying glass over an image.

    Documentation and reporting, including communication with regulatory authorities.

  • A blue document with magnifying glass on it.

    Enhanced governance and oversight.

  • A group of people standing next to each other.

    Training and awareness.