Financial Institution Services
Banks, Broker Dealers, Insurance Carriers, Money Service Business
AML Risk Assessments and Program Reviews
It’s clear from all the written guidance and the regulator’s public statements that a comprehensive effort to identify and quantify an institution’s unique AML risks is the foundation of a compliance program. Without understanding the risks of each product, service, customer type and operating location of your institution and your counterparties it’s impossible to design effective controls. An assessment that truly identifies AML risk must be completed by a team that has a deep understanding of money laundering, terrorist financing, financial crime, as well as banking operations, products, services, and customer behavior. Dominion brings that experience and it shows in the assessments and reviews we deliver.
Transaction Monitoring System Implementation
We assist clients in selecting and implementing transaction monitoring software with particular focus on providing threshold testing and setting services needed to maximize the software’s effectiveness. We also train AML analysts on the processes necessary to review and resolve each alert produced from an institution’s software system – a process that if not implemented will inhibit AML compliance.
Suspicious Activity Investigation and Reporting
A review of regulatory enforcement actions over the past several years reveals a common theme: The primary reason for the enforcement action was the regulator's determination that the particular bank could not adequately identify, analyze, investigate, and report suspicious activity. We solve this problem. We have developed and implemented successful AML investigation programs for some of the largest banks in the country. We focus on implementing standards of investigation and documentation in accordance with FinCEN requirements and FFIEC guidance. The programs we’ve helped banks implement have passed the most rigorous of regulatory reviews.
Enhanced Due Diligence and High Risk Customer Management
Regulators have made it clear that an AML program cannot be compliant without a sound program to identify high risk customers and perform on-going enhanced due diligence. Dominion has successfully implemented customer risk rating and enhanced due diligence systems at numerous small, mid-size, and large financial institutions. We ensure our EDD systems are tied to our client’s transaction monitoring and suspicious activity identification programs for a true end-to-end solution.
Anti-Money Laundering and Financial Crimes Investigations
When implementing new monitoring software and systems it is common for institutions to experience significant spikes in alerts and investigations. We assist institutions in working through these backlogs by providing highly skilled and experienced analysts and investigators. We have also completed a number of successes “look back” project for large and mid-sized institutions. The difference is that in these engagements we don’t just “close cases” and move on, we leave behind substantially improved monitoring and investigations processes that enable our clients to maintain the high standards expected by regulators while not incurring unreasonable costs and avoiding future backlogs of work.
Staff Augmentation
We know that sometimes the biggest challenge our clients face is not figuring out how to be compliant, it’s finding all the people they need to stay compliant. Dominion can help in this area. We provide compliance officers for short term and long term assignments, transaction monitoring analysts, investigators, quality control specialists and project managers. We know that in today’s market finding the talent needed to maintain AML compliance can be difficult. We make that easier by providing people who know how to do the job because they have done it so often before.
Confidence
White Papers
- White Paper: Finding the Right AML Investigators
- White Paper: What Happened at Riggs
- White Paper: The Overlooked Key to Successful Transaction Monitoring
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