Anti–Money Laundering
BDO Consulting’s Anti–Money Laundering (AML) practice assists financial institutions and organizations by providing compliance, advisory and forensic services to help comply with regulatory mandates, address enforcement actions and mitigate the risks associated with money laundering schemes.
Our professionals, who have held positions as banking regulators, compliance officers and correspondent banking executives, bring value for clients through the economies and efficiencies afforded by their knowledge and experience. Our technology specialists assist clients with compliance and best practices, implementing customized, risk-based IT infrastructures, policies and procedures.
We provide AML services to a broad cross-section of the financial services industry, including domestic and foreign banks, broker/dealers, insurance companies, large money services businesses, hedge funds, diamond and precious gems traders, precious metal traders and trade finance entities.
Our Anti-Money Laundering Compliance Services
BDO Consulting provides institutions with a range of services that encompass the AML compliance function as well as regulatory requirements and industry standards, including:
- Systems and transaction testing
- Retroactive look-backs of previous transactions
- Research, independent reviews and investigations
- OFAC evaluation and enhancement
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- Systems development, integration and analysis
- Strategic advice and training
- Assistance with regulatory enforcement actions
- Knowing your customer (KYC) and enhanced due diligence (EDD)
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Anti-Money Laundering Compliance & Regulations
Our AML professionals have significant experience working with law enforcement and regulatory agencies. They not only assist clients in complying with applicable laws and regulatory guidance but also add value by offering knowledge and training on AML policies and procedures, and can provide on-going assessments of the risks associated with money laundering. Applicable laws and regulatory guidance affecting AML compliance include the Bank Secrecy Act, the USA Patriot Act, Money Laundering, 18 U.S.C. § 1956, Prohibition of Unlicensed Money Transmitting Businesses 18 U.S.C. § 1960, the Gramm-Leach-Bliley Act and FINRA Regulations & Guidelines.
Financial institutions today face the complexities of replacing manual systems and first-generation software with more robust AML technology that is capable of integrating the front, back and middle offices. We go beyond fulfilling regulatory requirements by implementing a risk-based AML information technology infrastructure and related policies and procedures tailored to our clients’ needs to facilitate compliance and best business practices.
Training
Our AML professionals provide clients with the necessary training for their staff, including training on newly implemented technology, or for individuals who may be impacted by monitoring or the associated AML process. BDO Consulting also provides specialized training for clients, supporting their account opening process or training related to the investigative and SAR/STR decision-making process, including SAR preparation. This enables our clients to deploy and utilize technology tools and is a critical component of effectively guarding an institution against money laundering threats.
Professionals
BDO Consulting understands the importance of having top-level professionals directly involved in each engagement. Our multidisciplinary team of AML professionals includes certified anti–money laundering specialists, certified public accountants, certified fraud examiners, forensic accountants, licensed private investigators, former members of accounting standards-setting bodies and technology specialists.
International Presence & Capability
As a division of the U.S. Member Firm of BDO International, and with access to BDO Member Firms around the globe, BDO Consulting is able to deploy resources wherever needed. Our professionals have successfully completed engagements utilizing resources from BDO International in various locations including North America, South America, Europe, Asia and other parts of the world.