FinCEN Requires an Annual Review of the Program
We hear it all the time. "Why do we need an Anti-Money Laundering (AML) program? We don't handle cash transactions." Or, "The Bank Secrecy Act (BSA) doesn't apply to us. We're not a bank." But the AML program is designed to ferret out money laundering activities of all kinds, and any positive finding using mortgage industry's Red Flag reviews represents a potential Suspicious Activity Report (SAR) requirement.
State Regulators Enforce BSA/AML Rules
Mortgage firms commonly receive regulatory citation for failing to have, implement or review AML/BSA programs. We provide the plans, but failing to implement or review the plan can be just as bad as not having one.
Our plans provide a self-audit function, but if your firm cannot document independence, the state regulator may require a 3rd-party review. States which require a third party review regardless of independence include:
- New York
- North Carolina
Our 24 Hour AML-BSA Annual Audit Service
Our advanced automation allows us to compile, review and issue a complete annual audit report in a very short period of time - 24 hours guaranteed, from when you submit all required information. In addition, if you are missing information in your plan, haven't taken AML training, or need remediation, we can help with all of those things.
Upon Completion of the order, you will receive a link to access the questionnaire which commences the audit.