The Bank Secrecy Act (BSA) was passed by Congress in 1970 and brought into effect the Anti-Money Laundering (AML) law. It mandates a host of institutions to detect and prevent money laundering. The FinCEN or Financial Crimes Enforcement Network is the enforcer of BSA and includes parts of the USA Patriot Act Compliance that focuses on money laundering as a form of terrorist funding.
Important areas of focus for organizations are –
- Transaction look-back
- KYC remediation
- Threshold testing and tuning
- Trade surveillance
- Data management
- End to end case management
- Suspicious activity reporting
Organizations required to comply with the BSA laws are Depository Institutions, Money Services Businesses, Mortgage Companies/Brokers, Securities/Futures, Casinos, Insurance Agencies, and Precious Metals/Jewelry stores. Today, several tools and technologies are available that address this important compliance area. However, organizations are constantly challenged with maintaining a balance between ensuring that they stay vigilant and compliant and running their business effectively by not “over-screening” their customers.
Organizations can effectively manage risk and compliance through Modeling & Analytics, Data Services, Automation (RPA), Quality Assurance, and Managed Services.
How Can APN Help?
APN can help find the best talent in these areas. Through our niche and focused compliance practice area and knowledge of Nice Actimize, Oracle Mantas, and other softwares, we can provide you with –
- AML Administrator (SAS)
- AML Business Analyst
- AML Risk and Supervision Lead
- AML IT Audit Consultant
- IT Audit Manager
- AML Compliance Manager
- Director, AML Technology
- AML/KYC Risk & Compliance Consultant
- AML/Compliance Validation Consultant
- AML Investigator
- AML Solutions Architect
- AML Program Manager
We are building a strong, nationwide network of this talent pipeline and can help you support your immediate needs. Talk to one of our experts on how we may help you staff your positions with confidence.