Sum2 Assessing Risk|Realizing Opportunities

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.

The 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 agencies.

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 laundering incidents.

Program Functions

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.

PRICE $1.39

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.

OVERVIEW

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

Users Include:

Money Service Businesses(MSB) / Credit Unions
Investment Management Companies / Registered Investment Advisers (RIAs)
Broker Dealers /Hedge Funds / CTA/CPOs
CPAs / Law Firms

PRICE: $3.00