The New Year is here and it is time to start off on the right foot by updating your BSA/AML/OFAC Compliance Program. To help with that, we wanted to share The Ultimate Regulatory Compliance Checklist to keep your policies and procedures up-to-date.
Amending your BSA/AML/OFAC Compliance Program is an essential part of maintaining your banking relationship and keeping your audits painless as possible.
Our CAMS team has compiled a list of standard compliance items that need to be updated, at least annually.
REGULATORY COMPLIANCE ITEMS TO UPDATE IN 2019:
Renew Permits & Licenses
- Check Casher Permit
- Business License
- Fictitious Business Name Statement
- FinCEN Registration
BSA/AML
- Independent Review
- Risk Assessment
- Gap Analysis
- NEW or Annual Existing Employee Training
- New or Discontinued Money Services
- Changes in Check Cashing Fees
- Updated Corporate Check Cashing Policies
- Changes to Service Providers
- Updated Agent Verification Letters
- Additional or Closed Business Locations
- Changes in Designated Compliance Officer or Compliance Team
- Changes to Policies & Procedures to Reflect Manual and/or Automated Transaction Monitoring Procedures
- Compliance with FinCEN’s Customer Due Diligence (CDD) Rule
- Addressing Deficiencies Identified in Annual Independent Review
- Addressing Banking or Regulatory Audit Concerns
CFPB Readiness
- CMS Independent Review
- Updated Collection Processes
- Changes in Ownership/Management Structure
- Lender Specific Training
- Complaint & Vendor Management Processes
NY DFS
If you would like assistance with any of the above, contact us.
(855) 922-4325
info@CapitalComplianceExperts.com
Tags: Anti Money Laundering, Automated Transaction Monitoring, Bank Secrecy Act, BSA, BSA/AML Programs, CFBP, CMS, Compliance Management System, Financial Services, Money Service Business, MSB, Online Employee Training, Regulatory Compliance, Risk Assessment, State Licensing, Third Party Independent Reviews
