NEWS FLASH: Raymond James fined $17 million and their BSA Compliance Officer fined $25,000 and suspended.
BSA related examination criticisms, enforcement actions, and even fines are rapidly increasing. All regulatory agencies are uniformly demanding an added level of BSA/AML/OFAC compliance that is not readily apparent in existing examination procedures. The summary and attached article illustrates how far enforcement can go against a financial institution and individual employee. NETBankAudit has monitored this ongoing trend and has helped several clients navigate through these precarious regulatory waters. We understand the need to be proactive as well as reactive to this progressive and challenging BSA environment. Working with the examiners as opposed to playing defense is usually the best approach to any compliance situation. However, understanding your human resources, automated systems, and key controls is vital to discerning exactly where your program is and should be. Please take the time to visit our BSA/AML Compliance and MIS Verification post to learn more about our approach to helping you address this challenge.
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