AML Services

Independent Anti-Money Laundering Reviews

Engaging Cobia Compliance to conduct your AML audit will give you confidence that your firm is in compliance with your industry’s AML requirements as well other federal regulations such as the Bank Secrecy Act and USA PATRIOT Act. Cobia guarantees that at least one Cobia associate on site at every audit will hold the CAMS (Certified Anti-Money Laundering Specialist) credential.

Does Your Last Independent AML Review Meet FINRA’s New Standards?

FINRA Rule 3310(c) requires each broker-dealer to have independent testing of its AML program on a calendar year basis. Such testing is to be conducted by a qualified outside party unless certain conditions are met. In the last couple of years, FINRA has enhanced its expectations to include transaction and exception testing far in excess of the general Customer Identification Program (CIP) requirements. If your last AML review just included a testing of your CIP documentation, you need to consider engaging Cobia to do a comprehensive review of your AML Program. We utilize the recent SEC and FINRA regulatory actions, current FINRA request lists as well as technology to provide you a complete report. All information is exchanged securely utilizing Citrix Sharefile. To discuss further or to request a proposal please select Contact Us.

Is Your Money Service Business Protected?

A money service business is any business that provides financial services such as: money orders, traveler’s checks, check cashing, currency exchange, stored value products, or money transfer services. If your business provides any of these services you are now required to register with the federal government and have an anti-money laundering compliance program in place. One of the primary aspects of an AML compliance program is an independent AML audit.

We all know that large banks are heavily regulated by federal agencies to protect against money laundering, but did you know that now all money service businesses (MSB) are regulated by many of the same regulations? After the passing of the PATRIOT Act, money service businesses have fallen under similar regulations and requirements. A money service business is any business that provides financial services such as: money orders, traveler’s checks, check cashing, currency exchange, stored value products, or money transfer services. If your business provides any of these services you are now required to register with the federal government and have an anti-money laundering compliance program in place. One of the primary aspects of an AML compliance program is an independent AML audit. These independent audits ensure that your business has a compliance program that incorporates policies, procedures and internal controls which are reasonably designed to assure compliance with the Bank Secrecy Act (BSA). An independent AML audit review will ensure that you have designated a compliance officer who is responsible for day-to-day compliance with the BSA, as well as provide education and training for you business’s personnel regarding compliance.

As with all federal regulations, those that fail to comply will face serious consequences. The Internal Revenue Service (IRS) polices those that fall under these regulations and enforces consequences that can include large fines all the way to imprisonment up to 5 years. All MSBs have only a specific period of time to implement a compliance program and provide the necessary registrations. This is why it is very important for your Money Service Business to have a trusted compliance expert on your side. Cobia Compliance has vast experience in the independent AML audit compliance field. They have created a tailored audit program specifically for Money Service Businesses that will keep your business in compliance in a cost effective manner. You can contact Cobia today for a consultation and take the first step to ensuring your business stays in compliance.

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