The costs of failing to comply with BSA/AML regulations can potentially devastate a financial institution.  In response, many financial institutions have significantly increased staff in this area and invested heavily in technology systems to support the compliance effort.  As a result, the day-to-day costs of compliance are almost as equally devastating.

With regulatory emphasis on BSA/AML increasing again as the credit crisis wanes, now is the time for financial institutions to ensure their compliance efforts meet regulatory requirements.

Abound will work with your institution to ensure that you have:

• Developed appropriate product, service, location, customer and other risk assessments required by regulation
• Documented board-approved BSA / AML policies appropriate to the Bank’s risk environment
• Implemented a system of internal controls, commensurate with the institution’s risk profile
• Designated individuals responsible for coordinating and monitoring day-to-day compliance and staffed accordingly
• Provided training for appropriate personnel
• Provided appropriate independent audit by in-house personnel or an independent outside party

Most importantly, Abound will help ensure that the BSA/AML compliance function is both effective, and cost effective.