Synergy is dedicated to providing comprehensive Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance services to financial institutions. Our expert team ensures that your organization meets all regulatory requirements and safeguards against financial crimes.
Our AML/BSA Compliance Services Include:
1. Risk Assessment:
Comprehensive identification and evaluation of potential money laundering and terrorist financing risks within your operations and client base.
2. Customer Due Diligence (CDD):
Thorough background checks to understand clients’ financial activities and identify suspicious behaviors.
Know Your Customer (KYC) procedures for verifying client identities.
Enhanced Due Diligence (EDD) for high-risk clients.
3. Transaction Monitoring:
Continuous monitoring of customer transactions to detect and address unusual or suspicious activities.
4. Suspicious Activity Reporting (SAR):
Timely and accurate reporting of suspicious activities to relevant authorities, such as FinCEN.
5. Record Keeping:
Maintenance of detailed records of all transactions and client information as mandated by regulatory requirements.
6. Training Programs:
Comprehensive training for employees on AML regulations, internal policies, and compliance procedures.
Bank Secrecy Act (BSA) Services:
1. Currency Transaction Reports (CTR):
Filing reports for transactions involving more than $10,000 in cash.
2. Foreign Bank Account Reporting (FBAR):
Reporting foreign bank accounts exceeding $10,000 at any point during the year.
3. Customer Identification Program (CIP):
Establishing procedures to verify the identity of individuals conducting financial transactions.
4. AML Program Development:
Creating and implementing internal policies, procedures, and controls to comply with AML regulations.
Why Choose Synergy?
Consulting Services: Expert advice on regulatory requirements, risk assessments, and tailored compliance strategies.
Outsourced Compliance: Complete management of your compliance processes, including Customer Due Diligence, Suspicious Activity Reporting, and ongoing monitoring.
Auditing and Reporting: Regular audits to ensure compliance, coupled with detailed reporting on your institution’s AML/BSA activities.
At Synergy, we provide the expertise and resources necessary to enhance your compliance capabilities, mitigate risks, and ensure regulatory adherence. Partner with us to safeguard your institution against financial crimes and regulatory challenges.