BSA Transaction Monitoring Systems are critical tools in the fight against money laundering and terrorist financing and an important part of your institution’s regulatory compliance.
Transaction Monitoring systems do not provide regulatory-required BSA risk assessments or annual audits. They do not analyze every product, service, customer profile, and location by first analyzing the inherent risk of each (based on regulatory guidance) and then documenting mitigating controls for regulatory inspection and approval. They do not review policies and procedures around the institution’s 14 critical BSA compliance areas including governance, e-banking, OFAC, private banking, correspondent banking, CIP, CDD and EDD. They do not test compliance with policies and procedures and create plain language reports about the strengths and weaknesses of the institution’s implementation of its critical anti-money laundering and terrorist financing policies, procedures, processes, and controls.