Complying with BSA/AML/OFAC regulations requires resources and planning. We know it’s more than just costly; it’s a challenge for many banks. Whether you need to establish a new program or upgrade your organization’s existing policy and procedures, update your BSA/AML/OFAC Risk Assessment, or fill a BSA Officer role temporarily, Black Briar Risk’s CAMS Certified team works with you to meet all these needs. We provide any assistance you can possibly think of to improve your BSA/AML/OFAC program!

We evaluate your policies and procedures for how well they address your institution’s risks, their compliance strength, and how well they enhance the organization’s culture, operating environment, and personnel. We will evaluate staff and department compliance, review manual processes, system usage, and any factor pertinent to your program. Then we will help you update and enhance your policies and procedures, implement remediation, provide training and many more. We can also step in as a temporary BSA Officer. Let us help you review and update your program today to respond to or avoid regulatory and audit criticisms.  

An appropriate risk assessment identifies your Bank’s overall BSA/AML/OFAC risk throughout the entire Bank. Black Briar Risk consultants use an extensive business analytics report, staff questionnaires and their industry knowledge to help you create or update your risk assessment. When complete, it will document and demonstrate your Bank’s understanding of its BSA/AML/OFAC risks. In addition, we help you identify and shore up the weaknesses and gaps in your program, with a level of control commensurate with your identified level of risk, as well as factors unique to your Bank’s history, culture, and budget. 

Onboarding of nontraditional bank customers, products, and services are viewed as high risk by regulatory agencies. Their increased scrutiny is demonstrated through the regular issuance of sanctions, fines, and cease-and-desist orders.

Enhanced due diligence (EDD) requirements for onboarding new customers, products, and services are not going away anytime soon. Know your customer (KYC), know your customer’s customer (KYCC) and know your transaction (KYT) guidelines continue to be key themes.