Anti-Money Laundering Compliance

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Virtual Compliance Management

• Anti-Money Laundering Compliance

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How to Improve the Anti-Money Laundering
Compliance

• Financial Crimes Enforcement Network (FinCEN)
  working under the United States Department of
  Treasury implements and supervises anti-money
  laundering policies for financial institutions
  including banks, insurances, and mortgages. The
  FinCens Bank Secrecy Act (BSA) has been around
  for past four decades aiming at safeguarding
  financial institutions from financial crimes
  including money laundering and terrorist
  financing. But with modifications in the BSA due
  to Patriotic Act of 2011 and later amendments, it
  has become especially difficult for the community
  banks.
• The BSA requires community banks to implement
  internal policies for recordkeeping and money
  trailing to report any suspicious activity,
  transaction or individual to designated
  authorities. In the wake of the recent changes in
  BSA, the community banks have to adopt a more
  robust role of deputized agents to fight the
  abuses of financial crimes and banking frauds.
  However, a mere compliance irregularity or
  mistake can cause serious financial implications
  for the community banks, and this is why it is
  becoming more difficult for community banks to
  operate. With proper compliance system and
  designated compliance staff, the community banks
  can ensure compressive compliance at all levels
  of banking operations. Here are some of the tips
  to get you started with a flawless compliance
  system.

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Access to Technology

• If you are a community bank owner or a compliant
  office, you should look for the technological
  options to implement all AML policies. Most of
  the banks carry out AML processes manually which
  means a lot of paperwork with no real results.
  The banks should consider Anti-Money Laundering
  Compliance Software and screening software that
  can automate regulatory requirement with minimum
  resources and time.
• In the case of lack of access to technology, the
  community banks should hire professional
  compliance officers equipped with the latest
  technology, sanctions architecture, and
  self-functioning strategy. The technological
  solutions to Anti-Money Laundering Compliance
  provide user dashboards, analytical tools,
  infographics, and offer complete insights to the
  money volume, source, and movement of currency.
  It also becomes easy to track the money at
  cross-institutional level.

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Compliant Communication and Training
Infrastructure

• The community banks working with limited
  resources wait until they have to face
  non-compliance and regulatory charges before
  implementing due policies and communication. With
  strict laws of FinCEN and regular monitoring and
  lack of trained personnel, it is not surprising
  that banks have to pay heavy fines.
• The financial institutions should build a
  compliance culture from top to bottom with a
  strong and consistent message about compliance.
  With enhanced communication about compliance and
  intolerance for any compliance risks and proper
  professional training, the banks and other
  financial institutions can avoid penalization.
  The bank personnel and compliant officers should
  be fully knowledgeable about any new updates on
  the Bank Secrecy Act and should be fully trained
  to handle the situation through practical
  training.

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Recordkeeping and Data Analysis

• The Anti-Money Laundering Compliance systems at
  community bank should focus on consistent
  improvement and data monitoring and analysis. The
  data collected through recordkeeping and
  reporting should be benchmarked against industry
  practices. Combining data from know your
  customers and regulatory sanctions, the AML
  policies should intuitively work on improving the
  policies and models for tracking and
  recordkeeping.

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Contact

• Virtual Compliance Management
• 22568 Mission Blvd, Ste 526
• Hayward, CA 94541, United States
• Phone[phone]
• Websitewww.vcm4you.com