More than 40 years after the creation of the Bank Secrecy Act (BSA) of 1970, Anti-Money Laundering (AML) continues to be a top priority for banks and non-bank financial institutions of all sizes. Steering clear of enforcement actions through sound risk management principles and practices while balancing internal cost control initiatives has become more challenging than ever.

Compounding these obstacles are the speed and complexity by which money laundering and terrorist financing activities are being carried out. As institutions continue to expand the ways in which they interact with their customers, so, too, do they create new mechanisms by which illegal activity may be carried out.

Kavyos’s Anti-Money Laundering practice takes a holistic, risk-based approach to helping organizations design, implement, and enhance all aspects of their AML program. Our practitioners provide a 360° compliance view by bringing a team of former examiners and compliance officers together with enterprise risk management and consultative perspectives. 

Our AML services are built around Kavyos’s AML model, which leverages guidance provided by the Federal Financial Institutions Examination Council (FFIEC) and provides organizations with a succinct framework to assess and articulate the core components and critical dependencies of their AML program to regulators, the Board, senior management and AML risk owners across the enterprise. The model is customer centric, grounded in an organization’s BSA/AML risk assessment and supported by appropriate governance, knowledge management, controls, and data analytics.

Our Anti-Money Laundering Advisory Services include:

Enforcement Remediation

  • Independent Compliance Monitorships
  • Independent BSA/AML and OFAC Compliance Reviews
  • BSA/AML and OFAC Compliance Program Development
  • Independent Transactional Reviews (Look backs)
  • Tactical Remediation Project Plans

Program Assessment

  • Define Program Scope
  • Gather Relevant Data
  • Document Observations and Recommendations
  • Assign Assessment Rating
  • Prioritize Action Items
  • Initiate Plan

Risk Assessment

  • BSA/AML Risk Assessment 
  • OFAC Risk Assessment 
  • Risk Scoring Methodology Development 

Customer Profile

  • Risk Assessment/Customer Risk Model Alignment 
  • Customer Risk Model and High Risk Customer Methodology Development
  • Know Your Customer (KYC)/Customer Identification Program (CIP)/Customer Due Diligence (CDD) 
  • Enhanced Due Diligence (EDD) Program Development 
  • Correspondent Banking Due Diligence Compliance
  • EDD Look Backs

Model Validation

  • Evaluate Development and Implementation
  • Ongoing Monitoring
  • Outcome Analysis

Model Risk Management and Governance

  • Policies and Procedures
  • Roles and Responsibilities
  • Model Documentation

Activity Monitoring

  • Transaction Scenario Gap Analysis
  • Transaction Scenario Calibration

Alert Management

  • Financial Investigation Unit (FIU) Development
  • Look Backs and Alert Reviews

Data Analytics

  • BSA/AML and OFAC Development 
  • Customer Data Quality Reviews

Program Reporting

  • Management Dashboard Development Governance 
  • FinCEN/OFAC Reporting 
  • BSA/AML and OFAC Staffing Assessment

Knowledge Management

  • Policy and Procedure Development

Control Environment

  • QA/QC Program Development 
  • Self-Assessment Program Development

The Comprehensive Choice in Compliance

We are the comprehensive choice for both envisioning and implementing your AML solutions. Our tested methods have been used by companies both large and small who were looking to manage their AML needs from beginning to end. 

At Kavyos, we create a partnership with the people we work with. To learn more about how we can be your partner is staying compliant with anti-money laundering legislation and regulations, contact us now.