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Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.

Bank Secrecy Act and Anti-Money Laundering (BSA/AML) Compliance

Meet the FFIEC’s interagency requirements for independent testing and software validation.

CliftonLarsonAllen’s (CLA) consultants and internal auditors provide guidance designed to help financial institutions comply with BSA and AML requirements.

What’s on your mind?

  • Identifying if your institution’s software models need validating
  • Validating procedures for Office of Foreign Assets Control (OFAC) testing and reporting
  • Understanding your internal audit risk assessment
  • Managing growing compliance costs
  • Building a sustainable BSA and AML compliance program

A unique approach

Identifying areas of weakness in your institution’s system helps protect those you serve from money laundering and fraud. We strive to position financial institutions to proactively mitigate these financial risks. Our full boutique of compliance consulting services are tailored to support your priorities and can be performed alone or in combination to suit your needs.

Our reports will detail the extent of our tests and include findings and recommendations. We will also include management’s response to these recommendations for delivery to your institution’s management team or board of directors.

BSA/AML compliance services

BSA independent testing

Our independent testing services determine adequacy, completeness, and reasonableness based on your BSA/AML program’s size and complexity. Compliance with institutional controls and procedures is tested utilizing several methods, including off-site/on-site inspection, document evaluation, and transaction testing. Our assessment covers BSA, AML, OFAC, and Customer Identification Program (CIP) requirements applicable to:

  • Reviews of policies
  • Review of risk assessments
  • Currency transaction monitoring and reporting
  • Currency transaction exemption designations and annual reviews
  • Monetary instrument recordkeeping
  • Funds transfer recordkeeping
  • Record retention requirements
  • Suspicious activity monitoring and reporting
  • Customer due diligence
  • Enhanced due diligence
  • USA Patriot Act information sharing
  • Expanded procedures related to high risk persons, geographies, or transactions
  • OFAC testing
  • CIP testing

Additional BSA/AML consulting services

BSA/AML software model validation

Engaging BSA/AML software can be advantageous for detecting suspicious activity. Our software model validation services are designed to help determine if your system is operating effectively and efficiently, pinpoint potential risk areas, and confirm that your institution is in compliance with regulatory requirements. We will also identify any potential limitations and assumptions — and their possible impact.