BSA/AML/OFAC & Compliance Risk Assessments
All financial institutions have some level of risk to money laundering, terrorist financing, or financial fraud. The cornerstone of any good anti-money laundering (AML) compliance program is an assessment of these risks in order to develop strategies to manage and mitigate them. The principle of the risk-based approach is that resources are directed congruently with priorities so that the greatest risks receive the highest attention.
Deploying an extensive team of experienced consultants, Chartwell can either create a new BSA/AML or Office of Foreign Assets Control (OFAC) risk assessment or assess the effectiveness of an existing BSA/AML or OFAC risk assessment, including the following:
- Identify products, services, geographic locations, and points of client interaction that are most susceptible to money laundering and terrorist financing activities;
- Identify all applicable risk categories (e.g., employee base, products and services, customers, third parties, transaction volumes, and geographic footprint) unique to each company;
- Analyze the data identified in the specific risk categories and noting any mitigating or exacerbating factors;
- Determine residual risk that is exposed; and
- Test risk controls (i.e. Are systems doing what you think they should do?).
Chartwell can work either on-site or remotely to help clients tie their risk assessments to their compliance program, monitoring, and other compliance controls.
Chartwell’s risk assessment expertise includes:
- Assess or create AML and counterterrorist finance risk management programs;
- Make recommendations for AML program enhancements;
- Design and implement comprehensive risk management programs;
- Perform gap analyses and identify remediation recommendations that result from regulatory changes;
- Assist with identifying a risk based transaction monitoring system;
- Create agent oversight programs;
- Create and execute remediation activities; and
- Design and provide training for boards, executive management, and employees.