BSA/AML Compliance Software
Streamline your BSA/AML compliance process with LogicManager’s comprehensive solution package.
LogicManager’s Risk-Based Approach to BSA Compliance
LogicManager’s BSA/AML Regulatory Compliance solution package includes:
- Our out-of-the box risk assessments, to be used to determine whether your BSA/AML compliance program needs improvement and can assist with identifying controls that need to be implemented. With a well-developed risk assessment, you can focus appropriate risk management processes on your institution’s unique BSA/AML compliance program to effectively mitigate risk to the institution.
- Similar to risk assessments, our readiness assessments shed light on which specific BSA requirements are being met, giving you the advantage of clearly seeing gaps in your compliance program. The readiness assessments include BSA framework topics such as:
- Customer Identification Program
- Transactions of Exempt Persons
- Monetary Instruments
- Due Diligence – Private Bank Accounts
- Due Diligence – Correspondent Bank Accounts
- Once your risks have been identified and understood, easily build controls and mitigations for those risks. This allows your compliance program to incorporate policies, procedures, and processes which can be trained upon and incorporated into daily operations.
- BSA/AML programs should not remain stagnant; they need to grow and evolve with the business. Conduct monitoring activities on your program to gauge how well the program is working, and make changes and updates as needed. Capture incidents in real-time, and easily pull records for audit purposes.
- We’ve taken the time to identify and link risks to corresponding mitigations, as well as mitigations and those mitigations to corresponding monitoring activities. This helps you see relationships between each area of the risk assessment process and adjust where necessary.
- The ERM Report & Dashboard Catalog contains numerous common reports, all of which can be customized to meet your preferences and standards.
Achieve BSA/AML Regulatory Compliance with LogicManager
LogicManager can alleviate many of the pain points and hurdles organizations face when navigating the complex, evolving compliance standards:
Leverage a robust GRC software
LogicManager provides robust solutions to the complex, changing landscape of domestic and international BSA/AML regulations by providing the risk software needed to sustain and grow healthy, mature risk management operations. Our GRC software creates and simplifies processes and activities that position you to effectively manage your BSA/AML compliance program.
Get up and running quickly
LogicManager’s BSA/AML solution package is specifically designed to facilitate an easy implementation so that your organization can quickly begin to see real results. The package comes with plenty of out-of-the-box content, yet is completely customizable, allowing you to shape each area to meet the specific needs of your organization.
What is BSA Regulatory Compliance?
Today’s regulatory environment requires businesses to comply with regulations and frameworks, as dictated by various governing bodies. Most financial institutions, from banks to credit unions to mortgage companies, must comply with Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulations.
Each financial institution must develop and implement a written anti-money laundering program that is designed to prevent the institution from being used to facilitate money laundering or the financing of terrorist activities through risk assessments, control testing and timely, accurate reporting.
If BSA/AML compliance programs aren’t well constructed, organizations expose themselves to a multitude of risks stemming from illicit money laundering and fraudulent activities. Beyond the financial consequences of noncompliance, you may incur much greater reputational damage after losing the confidence of customers, clients, regulators and their employees. The effort to comply with the BSA represents an ongoing challenge for any organization.