Wolters Kluwer launches AML regulatory consulting service

Source: Wolters Kluwer Financial Services

Wolters Kluwer Financial Services, through its line of PCi compliance analytics solutions, announced today a new regulatory consulting service designed to help community and regional banks and credit unions comply with Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements.

In today's heightened regulatory enforcement environment, financial institutions are challenged to develop compliant and cost effective BSA/AML programs. In 2006, financial institutions filed over one million suspicious activity reports (SARs). Compliance departments are struggling to manage the costs associated with an effective BSA/AML program, which has been made increasingly difficult due to an industry-wide shortage of compliance professionals with deep BSA/AML experience.

Now financial institutions can leverage Wolters Kluwer Financial Services' consulting team of former bankers, regulators and Association of Certified Anti-Money Laundering Specialists, with over 60 years of combined regulatory experience to help ensure compliance with BSA and AML requirements.

This new service offers financial institutions consulting services that support the key elements of a successful BSA/AML compliance program, including:
  • Independent testing to meet regulatory requirements
  • Institutional and customer risk assessments
  • Suspicious case investigations training, process review and outsourcing
  • "Look-back" investigation analysis
  • Ongoing regulatory training

"Community, regional banks and credit unions are feeling the pressure from regulators to strengthen their BSA/AML compliance programs," said Kurt Sames, senior director of Consulting and Professional Services for Wolters Kluwer Financial Services. "The costs of acquiring and developing this expertise is often cost prohibitive. We are providing an efficient and effective alternative to help financial institutions meet their regulatory obligations. Our rich industry insight and knowledgeable consultants put us in a strong position to serve the institution's compliance needs."

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