The Bank Secrecy Act (BSA) and other Anti-Money Laundering (AML) laws were designed to improve the overall monitoring of cash and cash equivalent transactions in the digital age. One of the most important parts of your compliance program is your BSA/Aml software. Regulators are focusing of your BSA/AML software! They want to know that you have tested both the adequacy and the efficacy of the software.
Virtual Compliance Management can help you maintain a comprehensive BSA/AML data management program that includes:
- Evaluating which BSA/AML monitoring software is right for your bank,
- Validating data for accuracy and completeness,
- Validating the software rules that have been employed to ensure they meet your financial institutions' unique profile,
- Setting up an ongoing assessment of your software monitoring to ensure compliance with evolving regulations and proper monitoring of high risk clients.