Description Anti-Money Laundering, Suspicious Activity Reporting, Bank Secrecy Act Workflow APPAML
SAR Filing / BSA Reporting App (ASBA) is a critical risk management and
AML compliance tool for businesses at risk of being victimized by money
laundering. Detecting and reporting potential money laundering
incident are critical business requirements for firms engaged in
financial transactions. All financial services firms are required to
administer an AML compliance program. Failure to do so could result in
fines imposed by regulatory agencies. Failure to detect money
laundering transactions poses significant reputational risk that can
lead to significant monetary fines, business closure and imprisonment.
AML SAR Filing / BSA Reporting App offers a rules based compliance tool
addressing government reporting guidelines, filing procedures and
requisite FinCEN links to assure expeditious filing with enforcement
Full filing instructions and links to FinCEN SAR
Reporting, CTR, CMIR, FBAR and Certification for Correspondent Bank
Reporting and other valuable AML compliance resources are explained and
integrated into this work flow app to mitigate the threat of money
Intro to SAR Filing and BSA Reporting Instructions on FinCEN Registration FinCEN Registration Link FinCEN Forms Library High Risk Accounts SAR Scorecard SAR Investigation Report
Instructions and links to file: All SAR Reporting Types Including MSB, Credit Unions, Security Brokers, Casinos, Jewelers Currency Transaction Reports (CTR) Foreign Bank and Financial Accounts (FBAR) Certification for Correspondent Banks Currency and Monetary Instrument transactions (CMIR) Travel Rule Compliance OFAC Search / Emergency Notification
ASBA Users: Credit Unions Money Service Business Jewelers Casinos Car Dealerships Banks Alternative Lenders Hedge Funds Broker Dealers RIA's CTA/CPO Correspondent Banks Fund Administrators
Sum2 also offers a full complement of AML compliance products to address regulatory compliance requirements.
AML Review Guidelines for Investment Companies An Independent Audit of Firm’s AML Policies and Procedures
Anti-Money Laundering Audit & Review of Guidelines for Investment Companies is an audit app to conduct an independent review of financial firms AML Compliance Program.
This app is a required tool for any company required to comply with AML Statutes and industry service providers conducting audit and risk assessment reviews of AML controls and programs.
The AML audit app complies with generally accepted best practice rules and regulations required by The USA PATRIOT ACT and FATF compliant jurisdictions. This audit helps financial services firms and counter parties detect and correct potential problems with noncompliance with AML guidelines and regulatory statutes.
This app can prevent catastrophic damage to a firm’s reputation, mitigate substantial fines due to non-compliance and strengthen AML risk mitigation practices associated with money laundering and terrorist financing.
This audit app was created to conduct an objective evaluation of a company's AML compliance program. This programmatic review of the firm’s AML compliance program has been developed to meet the requirements of FATF compliant jurisdictions and the USA Patriot Act and its related AML provisions, specifically Section 352.
The review should be conducted by someone within the firm who is not involved in accepting client payments, processing of investor funds, overseeing the acceptance of customers, investors or subscription funds for the firm. An appropriate separation of duties and responsibilities for the oversight and evaluation of the policies, procedures and controls should be adhered to in the evaluation of the firm’s AML compliance program.
The app is organized into three sections each comprising three columns. The first section reviews general and organizational requirements of an AML Compliance program. The second section reviews a firm’s due diligence and operational procedures and the third section examines how firms report suspicious activity to enforcement, regulatory and service providers such as a money transfer provider, clearing firm, prime broker, administrator or custodian.
The app's structure will assist the reviewer in developing a relevant understanding of risks and review procedures that are required to make an objective assessment of the firm’s AML Compliance program procedure being examined. The first column outlines the risk characteristics posed by the program element being examined, the second column lists the review procedure and examination questions. The third column is blank for the reviewer to record observations and remarks raised by the examination questions posed in column two. The app allows the reviewer the freedom to record answers and observations that are specific to the business model and the firm’s specific compliance requirements. Once audit is completed, the reviewer can print document as evidence that AML audit has been conducted with a full summary of recommendations and next steps required to effect full compliance of AML regulations and best practice procedures.
The findings of a completed review should be presented to the firm’s Principals and Independent Review Results must be maintained for presentment during SRO examinations and to comply with enforcement agencies requests.
INDEX TO GUIDELINES
A) OVERVIEW Page 02 B) INDEX Page 03 C) GENERAL AND ORGANIZATIONAL Page 04-07 D) DUE DILIGENCE AND OPERATIONS Page 08-16 E) REPORTING Page 17-18 F) NOTES Page 19 G) ABOUT Sum2 Page 20