Anti-Money Laundering Monitoring System Validation. An effective anti-money laundering (AML) monitoring system is the foundation of your financial institution’s Bank Secrecy Act program. But if your automated system is missing or incorrectly flagging unusual activity, then every subsequent component of your BSA program is suspect, potentially resulting in enforcement actions and costly look-back projects. That’s why simply turning your AML system on, without an independent validation and periodic follow-ups, is a high-risk gamble that no financial institution should make. See how AdvisX can help ensure your BSA program is on solid footing here.
Audits. AdvisX brings decades of applied knowledge of compliance areas including BSA, Lending Compliance and Operations Compliance. From audits, to reviews, to strategic responses to corrective action, AdvisX provides your institution with proven systems to identify and/or resolve problem areas with recommendations for corrective action.
Our company has written scores of policies, as well as designed systems and forms for every area of compliance. AdvisX Compliance Risk Services are scalable to best fit your situation, whether you’re responding to an enforcement order on Fair Lending or BSA, or merely wanting a quick review of a specific area of compliance. Our scope of capacity is significant, but targeted areas of expertise under this focus include:
- Fair Lending Response Services. Let us provide your institution the tools and regulatory insights it needs to analyze regulatory findings and prepare responses. We can work directly for your institution’s in-house or retained legal counsel to ensure attorney-client privileges are retained.
- BSA Response Services. We provide expertise in identifying areas of BSA/AML weakness and developing recommendations to implement corrective action. We have developed powerful logistic procedures for managing the most intensive response projects, including look-back projects, remediation efforts and related corrective action responses.
Scalable BSA and Fair Lending audits covering every consumer compliance regulation that can be ordered “a la carte” or in groups for single or ongoing reviews and/or audits.
CRA Risk Services. AdvisX knows CRA. We were one of the first companies to utilize computerized geoanalysis services to analyze lending patterns and approaches. We have experience with single-office, sub-$100 million shops to multi-billion, multi-state financial institutions. Whatever your need is with respect to addressing CRA concerns or risks, we have a solution and can partner with your CRA Officer to assist in addressing those concerns. We have developed some of the strongest tools to deal with CRA strategies, including our CRA Enterprise Risk Assessment that gives an institution a three-dimensional understanding of its CRA program, developed strategies and the risk factors requiring mitigation. As you would expect, our CRA services dove-tail perfectly with our Fair Lending analytical capabilities, integrating geoanalysis with Fair Lending performance.
Website Reviews. Websites tend to be designed by website designers and marketers, who are undeniably vital to an effective website, but think about all of the nooks and crannies in a website where compliance issues can creep in. We’ve reviewed hundreds of websites, so we know where to offer full website reviews providing you with a thorough analysis of our findings and giving you specific recommendations for areas of concern that we identify.