The Enterprise Risk/Compliance practice within Heitmeyer specializes in providing guidance and assistance to banks of all sizes as it relates to the complex world of Risk Management – both from an enterprise view and more tactical around Bank Secrecy Act (BSA) and Anti Money Laundering (AML). The magnitude and scope of these regulations, the ongoing training and operational concerns, and limited resources at the Banks disposal make determining the best practices to support these functions very challenging. The resource and expertise challenge is certainly magnified for the small/mid size institutions, yet the need is just as real as evidenced by the comment made by Thomas Curry, Comptroller of the Currency on March 7, 2013 before the Committee on Banking, Housing & Urban Affairs, US Senate:
BSA is an issue for institutions of all sizes. In fact, as large banks improve their BSA/AML programs and jettison higher risk lines of business, we are concerned that money launderers will migrate to smaller institutions. While we are committed to ensuring that all institutions we supervise have effective BSA/AML programs in place, we recognize the increased burden this places on community banks and thrifts.”
Given the new world with which we live, there is no doubt the focus and importance of AML/BSA activities will continue to escalate and be a high profile and critical component for any financial institution. Our business model and network of professionals who are experienced and extremely knowledgeable allow us to add tremendous value to any organization – both from a strategic and tactical perspective.