As the largest economy in the world and an influential political power, the United States plays an important role in the global fight against money laundering and the financing of terrorism. The US is a member of the Financial Action Task Force (FATF) and has developed a robust AML/CFT framework that reflects international regulatory standards and imposes significant penalties for noncompliance. To avoid those penalties, financial institutions must be familiar with the relevant regulations and understand how to achieve compliance.
In compliance with the BSA, we maintain detailed records of our customers and submit reports to the BSA when they engage in certain transactions or financial activities. Amongst these responsibilities is the submission of suspicious activity reports (SARs) for transactions that are suspected to be in violation of the BSA.
The bank has a chief compliance officer who oversees the firm’s AML program and is responsible for arranging audits. The designated AML officer has sufficient authority (ideally management level) and professional experience to carry out these duties effectively.
The Ligions Bank ensures that its employees receive the training they need to fulfill their compliance responsibilities. Also, the bank ensures that a schedule is in place to deliver ongoing training to employees in line with changes to AML laws.
Our AML program is automated with a range of smart technology tools designed to complement the expertise of our employees. By adding efficiency and accuracy to the process, AML automation not only represents a way to reduce friction for customers but to help US firms continue to deliver the standards of regulatory compliance that FinCEN expects.