Anti-Money Laundering Compliance

1. Virtual Compliance Management Anti-Money Laundering Compliance

2. How to Improve the Anti-Money Laundering Compliance Financial Crimes Enforcement Network (FinCEN) working under the United States Department of Treasury implements and supervises anti-money laundering policies for financial institutions including banks, insurances, and mortgages. The FinCen’sBank Secrecy Act (BSA) has been around for past four decades aiming at safeguarding financial institutions from financial crimes including money laundering and terrorist financing. But with modifications in the BSA due to Patriotic Act of 2011 and later amendments, it has become especially difficult for the community banks. The BSA requires community banks to implement internal policies for recordkeeping and money trailing to report any suspicious activity, transaction or individual to designated authorities. In the wake of the recent changes in BSA, the community banks have to adopt a more robust role of deputized agents to fight the abuses of financial crimes and banking frauds. However, a mere compliance irregularity or mistake can cause serious financial implications for the community banks, and this is why it is becoming more difficult for community banks to operate. With proper compliance system and designated compliance staff, the community banks can ensure compressive compliance at all levels of banking operations. Here are some of the tips to get you started with a flawless compliance system.

3. Access to Technology: If you are a community bank owner or a compliant office, you should look for the technological options to implement all AML policies. Most of the banks carry out AML processes manually which means a lot of paperwork with no real results. The banks should consider Anti-Money Laundering Compliance Software and screening software that can automate regulatory requirement with minimum resources and time. In the case of lack of access to technology, the community banks should hire professional compliance officers equipped with the latest technology, sanctions architecture, and self-functioning strategy. The technological solutions to Anti-Money Laundering Complianceprovide user dashboards, analytical tools, infographics, and offer complete insights to the money volume, source, and movement of currency. It also becomes easy to track the money at cross-institutional level.

4. Compliant Communication and Training Infrastructure: The community banks working with limited resources wait until they have to face non-compliance and regulatory charges before implementing due policies and communication. With strict laws of FinCEN and regular monitoring and lack of trained personnel, it is not surprising that banks have to pay heavy fines. The financial institutions should build a compliance culture from top to bottom with a strong and consistent message about compliance. With enhanced communication about compliance and intolerance for any compliance risks and proper professional training, the banks and other financial institutions can avoid penalization. The bank personnel and compliant officers should be fully knowledgeable about any new updates on the Bank Secrecy Act and should be fully trained to handle the situation through practical training.

5. Recordkeeping and Data Analysis: The Anti-Money Laundering Compliancesystems at community bank should focus on consistent improvement and data monitoring and analysis. The data collected through recordkeeping and reporting should be benchmarked against industry practices. Combining data from know your customers and regulatory sanctions, the AML policies should intuitively work on improving the policies and models for tracking and recordkeeping.

6. Contact Virtual Compliance Management 22568 Mission Blvd, Ste 526 Hayward, CA 94541, United States Phone=888-881-0078 Website:www.vcm4you.com