Bank Secrecy Act and Anti-Money Laundering Management
BSA and AML Software and the Risk-Based Approach
With criminals trying anything in their power to launder their funds, it’s essential for organizations to cover all bases by using a risk-based methodology. Centralized management of Bank Secrecy Act requirements results in improved BSA compliance. AML software leads to more effective resistance against risks including but not limited to terrorism financing.
Organized crime and terrorism are pervasive threats, and regulatory expectations for financial institutions are at an all-time high. Financial institutions have no choice but to mature their abilities to comply with these regulations, fight crime, and expose illicit activity. As financial institutions become more adept at identifying suspicious transactions, money launderers, terrorists, and other criminals also mature in their ability to find loopholes in existing processes and procedures.
Much like cyberattackers and cybersecurity programs, financial institutions are forced to consistently “one-up” the improved strategies employed by criminals. AML software makes it easier to do so and, by incorporating these efforts with your other risk management processes, add little extra work.
The LogicManager Platform Provides:
LogicManager provides a number of resources and frameworks to make assist organization in remaining compliant and identifying gaps such as:
- The Wolfsburg Group Anti-Money Laundering Questionnaire
- Bank Secrecy Act (BSA) Risk Assessment
- BSA Management Frameworks
- Anti-Money Laundering (AML) Risk Assessment
LogicManager’s financial compliance software breaks down silos and ensures that the policies and procedures set in place to fight crime touch the front lines, where this crime often takes place. When information can be collected and aggregated across the organization, as well as across geographic areas, trends can be identified and suspicious activities flagged for investigation and remediation.
About the Wolfsburg Group
The Wolfsberg Group is an association of thirteen global banks which aims to develop frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies. For background information on the Wolfsberg Group and its work, visit their website at: http://www.wolfsberg-principles.com/