AML Program Review

Engagement Period:  3 Months

Background

Our client, a FinTech company, needed an independent service provider to conduct a risk-based assessment of its BSA/AML and Sanctions Compliance Program, which included requirements for New York State ("NYS") Title 23 200 and NYS DFS Rule 504 compliance.

Approach

NextAML deployed a multi-disciplinary team with extensive expertise in providing BSA/AML advisory services to traditional financial institutions and digital asset exchanges; and have worked with numerous financial institutions located in the United States on KYC, CRR, TM, OFAC, NYS Title 23 Part 200, NYS DFS 500, and NYS DFS 504 program reviews and the development of related action plans to bring programs in alignment with regulatory guidance.

Our team approached the assessment with an eye on the risk profile of the institution, tailoring the interviews, assessments and tests, in meeting the required regulatory requirements for such an institution. The team leverage accelerators which included template questionnaires, assessment benchmark tools and streamlined reporting processes throughout the project to keep the stakeholders appraised of the status of the assessment.

Outcome

The assessment was completed within the timeframe as planned and the team brought forward meaningful enhancement opportunities to strengthen the BSA/AML and Sanctions Compliance Program.