Anti-Money Laundering Compliance Services

Anti-Money Laundering Compliance Services for Financial Institutions

Anti–Money Laundering (AML) Compliance Services help you meet the responsibility to detect and deter money laundering through development of an AML foundation that will meet the new challenges of the USA PATRIOT Act.

We offer AML services in the following areas:

Risk Assessment

Banks need to conduct an analysis and categorization of customers, correspondents, transactions, lines of business, products, and business locations to assess areas of vulnerability and determine the best uses of limited financial, human, and technical resources.

Monitoring

Banks need to clearly establish and document the true identity of their customers and correspondents, including beneficial owners. In addition, they should document the source of a customer’s wealth and have processes in place for anticipating the nature and value of a customer’s or correspondent’s expected transaction activity.

They must also be able to identify unusual transactional activity. Banks may implement commercially available software, leverage existing surveillance systems, or develop new systems to fit their needs. Whatever the case, the AML compliance program should include exception reporting processes that address the investigation, escalation, and resolution of suspicious activity. These processes should leave a clear audit trail relative to work performed. Compliance Infrastructure

Compliance Infrastructure

Banks must determine if their current AML structure adequately addresses their needs, which may have changed over time due to a shift in market strategy, merger or acquisition, or an investment in a new line of business. Banks also need to ensure that USA PATRIOT Act compliance is built into a solid AML program foundation.

Training

Banks require effective training programs that address USA PATRIOT Act requirements, provide realistic case studies and scenarios, and are relevant to the roles and responsibilities of the audience. Our training can be quickly customized to your specific needs and address all entities regulated under the USA PATRIOT Act.

MBAF is independently ranked as the largest Florida-based CPA firm in the state and one of the top 50 in the nation.

MBAF's hallmark is the hands-on service approach of its professional team of CPAs and consultants based on ample business experience, broad industry knowledge and latest technical expertise.

MBAF provides a full range of services in audit, tax & accounting, litigation support & business valuation, and technology consulting .

Clients served include private and public corporate entities, entrepreneurs, nonprofit organizations and wealthy individuals and families.

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Anti-Money Laundering Compliance Services