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The Dominion Difference
Financial institutions that hire an AML consulting firm confront many unknowns that are often exacerbated by pressure from regulators, growing compliance program weaknesses, the need to control costs and the demands of management. The difficult tasks of telling the difference between AML consultants make the situation more stressful. With Dominion there is a clear difference.
- Dominion’s partners and senior managers are fully engaged on all client work. We bring those people with the most experience right up to the front lines. Our clients expect to receive the benefit of our experts - and they do every day. We don’t use what is often referred to as the “leverage model” of consulting, where a senior partner appears on the first day and then leaves the work to the junior staff.
- Dominion is independent. We are not a small part of a large firm and we do not receive funding from outsiders. This means we are not answerable to anyone other than our clients. We are not constantly looking to bounce from new issue to new issue to find new revenue sources like large accounting firms must do.
- Dominion’s team actually brings decades of experience to our clients. There is nothing wrong with being young and full of excitement. We all wish for those days in our lives, but when a financial institution is facing serious AML challenges, they need serious and experienced professionals that have worked through the same issues many times before.
- Dominion takes a client’s view of AML. The Dominion partners and senior managers were all part of the team responsible for solving the watershed event in AML compliance – Riggs Bank. While executives at Riggs, we hired many consulting firms, worked with dozens of attorneys, worked closely with the OCC, the Federal Reserve, the Department of Justice and several Congressional Committees. We understand pressure and how to work effectively to address the interests of all stakeholders.
- AML is an operation. At Dominion we know that AML is more complex than a collection of written policies and procedures. AML compliance, done right, is like a machine – it involves many component parts, each with its own function required to work together at the right time and in the right way to get the desired result. Understanding this machinery is where Dominion’s expertise shines.
- We “look back” and “look forward.” Nearly all AML matters have a crucial component of retrospective assessment and remediation. But more important is building and maintaining a sustainable AML compliance program. Our understanding of the intricacy and machine like operational requirements of the business processes needed for AML compliance is unmatched.
- Precision planning and execution. AML projects are often large and complex. If not planned properly they drag on too long, cost too much and the results are not effective. Dominion’s planning, budgeting and execution is precise. Our project management experience, budgeting tools and unique understanding of AML’s toughest challenges means our clients can be assured we solve problems and solve them on time and at the price promised.
Quality Control and FIU Management
Our client, a large National Bank had recently hired a group of investigators to address alerts produced by a new transaction monitoring and needed to ensure the quality of work met FFIEC and FinCEN requirements. Dominion placed several of its quality control specialists in the bank’s FIU to review cases and SARs.See Dominion's solution See More Cases