The Bank Secrecy Act was recently amended. Do you know what is expected of your firm?
The Bank Secrecy Act was created in order to protect banks and other financial institutions from money laundering by drug dealers, terrorists or any other unsavory characters. The Bank Secrecy Act has been amended several times, the latest one being the most dramatic change since its inception. The reason for the amendment to the Bank Secrecy Act is due to the rise in terrorist activities in this country. The government has recently added some very strict amendments to the Bank Secrecy Act in order to stop terrorist anti money laundering for good.
So what does it mean for your investment firm if the Bank Secrecy Act has recently amended its bill in order to stop terrorist anti money laundering? By the government amending the Bank Secrecy Act to stop terrorist anti-money laundering it means that your firm will now be held to a much stricter standard when it comes to your firm's anti money laundering policies and procedures. If you think your AML audit was frustrating and complex in the past then wait until you see what the government has prepared for you now. And if you think you can just fudge your way through your AML audit then think again.
The regulatory branches do not care if you are unfamiliar with the new amendments made to the Bank Secrecy Act and expect that all investment firms be aware, even without prior notification. If you do not adhere to all new Bank Secrecy Act modifications during your AML audit then you will be fined a very large sum of money. Your best protection from major fines and penalties is to outsource your AML compliance needs to an outside AML compliance firm.
An outside AML compliance firm will know all of the latest amendments to the Bank Secrecy Act and therefore can protect you from stiff penalties and fines. The bottom line is that in this day and age there is no room for error if you want to remain competitive in this financial climate then knowing the amendments to the Bank Secrecy Act is your first line of defense. Because even if your firm would be able to absorb such a fine it has an even bigger issue on his hands if it cannot follow the updates dictated by the Bank Secrecy Act.
The investor is becoming increasingly savvy when it comes to where to invest their money. With the bevy of recent Wall Street crime the investor is doing his research into which investment firms are fully AML and SEC compliant and only putting his money into these trusted companies. If you want to remain competitive in this economic climate than full AML compliance is the first step in making that happen. And in order for you to be up to date with all of the latest tweaks to the Bank Secrecy Act you need to hire an outside AML compliance firm to handle all of your AML needs.
If you would like to contact a top AML compliance firm in the heart of the financial district then fill out the form to the right of the page or call the number at the top of the page. Soon you will be in contact with an expert when it comes to the Bank Secrecy Act and AML compliance that will be able to answer any questions or concerns that you may have regarding your upcoming AML audit.
