Business Line Review and Assessment

Ensure the adequacy of the policies, procedures and systems used for your BSA/AML, OFAC and other Compliance risks.

Benefits:

  • Identify potential gaps in your policies, procedures or workflow.
  • Perform a documented review that conforms to the scope stipulated by the FFIEC for BSA/AML reviews
  • Determine if any possible inconsistencies exist within your procedures.
  • Help ensure consistent adherence with the Three Lines of Defense per the Basel Committee.
  • Assure that your Suspicious Activity monitoring is suitable for your business activities and risk levels.

Service Description

Periodic review and assessment of your policies and procedures as used by Line of Business staff is required to provide assurance that all aspects of your operations are conducted in a consistent manner and adhere to applicable laws and regulations. As part of our services we can conduct a review of your OFAC compliance, Customer Due Diligence and Enhanced Due Diligence, Customer Information Program and On-boarding, Patriot Act Information Sharing, Suspicious Activity reporting and SAR filing, as well as any recent BSA/AML or OFAC Risk Assessments. Additionally, an evaluation of your staff and their compliance training can be provided along with recommendations for enhancing the scope of your training efforts.

Testimonials

We engaged Telavance to conduct an assessment of our OFAC environment and the organization delivered comprehensive findings and concise recommendations, which simplified our verification process.  Management’s knowledge and experience coupled with staff’s practical, hands-on expertise definitely met our needs.

- Juan Ducali, Compliance Officer, United Nations Federal Credit Union (UNFCU)Long Island City, NY