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The USA PATRIOT Act’s Section 352 requires financial institutions to establish an Anti-Money Laundering Program (“AML”) that will help prevent and detect money laundering and the financing of terrorism. Increasingly, U.S. financial services regulators have been meting out severe penalties for programs that do not adhere to acceptable standards. These measures can result in a loss of public confidence and shareholder value.
Financial institutions have to risk-rank their customers, know their customers, obtain robust identification documentation on them and perform enhanced due diligence on the ones with the highest risks. In addition, financial institutions are required to monitor transactions to ascertain when a customer’s activity deviates from its anticipated or stated activity and investigate such activity to determine whether to file a Suspicious Activity Report (“SAR”) pursuant to the Bank Secrecy Act (“BSA”). To pass regulatory scrutiny, financial institutions must hire and train personnel, develop and implement control procedures and robust internal audits, obtain independent assessments of their program and invest in transaction monitoring technologies. An increasing number of financial institutions seek assistance with their anti-money laundering programs because they want to be proactive, are preparing for a regulatory exam, or because they were unwittingly utilized to launder money or finance terrorism. HOW CAN DAYLIGHT HELP
Our professionals provide the complete array of anti-money laundering services to the financial services industry, including banks, broker-dealers, insurance companies, money services businesses and credit card companies.
OUR AML AND INVESTIGATIVE SERVICES INCLUDE
Compliance Reviews:
- AML/BSA Programs Development and Implementation
- Customer Identification Program (“CIP”) and Enhanced Due Diligence (“EDD”) Programs
- Compliance Gap Analyses
- Compliance Validation
- Independent Testing of AML Program
- Regulatory Reporting Requirements
- AML Risk Assessments
- Automated Transaction Monitoring
- Training
- Vendor Selection
Investigations and Special Projects:
- Investigations
- Mergers and Acquisitions
- Transaction “Look-Backs”
- Know Your Customer File Remediation
Daylight has unparalleled anti-money laundering expertise and can help your organization achieve these goals.
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