Anti-money Laundering (AML)

An Effective, Comprehensive Approach to AML Compliance

Rising regulatory scrutiny and rigorous enforcement have made compliance with AML requirements and related regulations a critical issue for banks and financial services companies. Regulators look closely for evidence of good governance along with strong business processes and controls that will help identify and report suspect activities.

As the regulatory landscape continues to evolve, even banks and financial services companies with strong AML programs need to stay informed on the latest regulatory developments. Failure to comply can expose a bank or financial services company to significant risks including reputational, operational, and strategic risks, not to mention substantial fines and penalties. Moreover, each organization faces its own unique risk profile, making compliance with evolving AML requirements a highly complex exercise – but also an extremely critical one.

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How Crowe Horwath LLP Can Help

Crowe helps banks and financial services companies create risk-based AML compliance programs tailored to each organization’s particular risk profile. Drawing on in-depth industry knowledge, comprehensive risk competencies, and teams of experienced technology specialists, Crowe offers highly configurable services and solutions that are as broad or as focused as necessary to meet each organization’s specific needs.

Banks and financial services companies are required to adapt their existing AML risk management programs to the most current industry and regulatory standards. Crowe has an established model risk management methodology and framework that helps organizations manage the required AML model inventory, model development and implementation, model validation, model calibration and optimization, and model governance processes that are essential to a strong and effective AML compliance program.
Enhanced analytics and statistical techniques are necessary to effectively analyze and calibrate AML models to provide accurate customer risk rating, transaction monitoring, and watch list screening capabilities. Other critical components of a strong AML program include data warehousing, integration, and governance as well as effective data visualization and dashboards that provide management with enhanced visibility.

Crowe has extensive experience working with regulators to help banks and financial services companies address examiner concerns and offers a broad array of AML-specific services for institutions facing enforcement actions.

These services include credible and respected:

Crowe also has extensive experience helping banks and financial services companies with exam preparation and management and maintaining compliance with Office of Foreign Assets Control (OFAC) requirements and other global trade and economic sanctions.

As part of its broad AML program enhancement services, Crowe frequently is called upon to provide program oversight and compliance integration services in addition to specific Bank Secrecy Act /AML and OFAC risk assessments.

Crowe specialists also have extensive experience in the formulation of policies and procedures, standards development, general guidance, and overall AML program assessment and future state road map activities, along with support for the formation of financial intelligence units, financial crimes convergence initiatives, and business-as-usual optimization efforts.
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Know-your-customer, CDD, and accurate customer risk rating capabilities are essential components of an effective AML program. Crowe offers in-depth knowledge and technological expertise in helping banks and financial services companies manage enhanced due diligence initiatives and the implementation of CDD and single customer view systems.
Crowe offers ongoing support in the design, development, and implementation of transaction monitoring systems as well as system assessment and enhancement engagements and pre- and post-implementation tuning.