RISK

The potential of an undesirable or unfavorable outcome resulting from a weakness or gap that has been exploited by threats due to a given action, activity and/or inaction.

BANK SECRECY ACT

ANTI-MONEY LAUNDERING

The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Report Act, was passed in 1970 and required U.S. financial institutions to cooperate with the government in cases of suspected money laundering or fraud. The Anti-Money Laundering (AML) rules contained in the BSA are designed to assist in detecting and reporting suspicious activity. These AML rules provide the foundation for identifying and stopping money laundering and illegal financing, such as securities fraud and market manipulation.

 

Financial institutions that have a mature BSA/AML process have an AML compliance program that has been approved by a senior manager (in writing) and is independently tested for assurance on implementation and effectiveness. The AML compliance program will be designed to ensure the organization detects suspicious activities and files suspicious activity reports (SARs) as necessary, along with having a risk-based customer identification program (CIP) that assists in confirming the true identify of customers. In addition to a robust AML compliance program, organizations with a mature BSA/AML process will have designed and implemented an ongoing training program for employees who have responsibilities that overlap with the AML compliance program.

 

The team at The Mako Group can use their extensive financial institution experience and risk/control expertise to support an organization in creating a baseline, maturing a current, or independently assessing an AML compliance program.

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