InfoSight has expert knowledge in BSA/AML regulations and is here to help you develop one or more of the requirements for a comprehensive BSA/AML Compliance Program. All institutions must now develop, implement, and maintain an effective BSA/AML Program that addresses the changing strategies of money launderers and terrorists.

InfoSight's BSA/AML Services include:

  • Risk Assessment – Evaluation of the Risk Assessment against requirements (required as part of the overall BSA/AML Compliance Program).
  • Reportable Transactions Monitoring and Reporting Assessment – Evaluation of the completeness, timeliness, and accuracy of SARs, CTRs, and CTR exemptions reporting. Results of this assessment can also drive opportunities for a BSA Validation Assessment as defined below (required as part of the overall BSA/AML Compliance Program).
  • Customer Identification Program (CIP) – Evaluation of the CIP Program (required as part of the overall BSA/AML Compliance Program)
  • System Validation Assessment – Evaluation of the processing integrity and security of the BSA System based upon its configuration.
  • Compliance Program Assessment – Evaluation of all program components that include all of the above as well as internal controls, independent testing, the assignment of responsibilities, period training.
  • OFAC Risk Assessment - Assessment of OFAC risks and controls in place.
We can also work with you in designing and executing your BSA/AML Risk Assessment that drives the content of your Program based upon your risk profile. We also offer BSA/AML support and can provide assurance that your system is secure, has processing integrity, and is configured to appropriately identify suspicious transactions.

InfoSight's BSA/AML Support Services provide compliance support in one or more of the following areas:

  • Compliance program independent testing support.
  • Deficiency remediation support.
  • Look-back support services after legal action has been taken against the institution.
  • Managed services for suspicious activity alert, logging, and review.

The BSA/AML regulations are intended to safeguard the U.S. financial system and financial institutions from the abuses of financial crime, including money laundering, terrorist financing, and other illicit financial transactions.