Financial Crimes Solutions
Financial Crimes Solutions
Mark J. Boettcher
CPA, CISA, CBCP
Principal
Ashley Farrell
CPA, CFE, CFF
Director
Kevin Schalk
CPA
Principal
Russell Sommers
CPA, CISA
Principal
Christopher J. Tait
MBA, CISA, CCSK, CFSA
Principal
Financial crimes compliance is more than checking a regulatory box.
It’s a commitment to your community. An estimated $800 billion to $2 trillion is laundered every year by nefarious groups and individuals. Stay ahead of the curve with Baker Tilly’s seasoned Financial Crimes Unit who can design, implement and optimize a risk-based approach to preventing and detecting financial crimes and ensuring compliance, enabling you to focus on the risks unique to your institution and playing your part in fighting financial crime.
Our services
Bank Secrecy Act (BSA)/Anti-money laundering (AML)/countering the financing of terrorism (CFT)/USA PATRIOT Act compliance
- Bank Secrecy Act (BSA)/Anti-money laundering (AML)/USA PATRIOT Act compliance
- Office of Foreign Assets Control (OFAC ) compliance
- Transaction monitoring system validation
- Program development and enhancement
Program design, implementation and optimization
- Risk assessment
- Policies and procedures
- Transaction monitoring system selection and implementation
- Transaction monitoring system tuning
Governance and remediation
- Customized board and employee training
- Regulatory response
- Enforcement action remediation and monitoring
- Consent order remediation and validation
- Look-back analysis
- Fraud investigation
Outsourced and managed services
- Know your customer (KYC)/Know your business (KYB), customer due diligence (CDD), enhanced due diligence (EDD)
- Customer risk rating review
- Continuous monitoring
- Sanctions screening
- Alert triage
Anti-bribery and anti-corruption services
- Bank Bribery Act (BBA) Compliance
- Foreign Corrupt Practices Act (FCPA)
- Anti-corruption, anti-bribery solutions
Evolve your risk program
With an increasingly complex risk landscape, maintaining compliance is more difficult than ever. To address money-laundering and sanctions risks and keep clients ahead of the regulatory curve. Baker Tilly’s financial crimes specialists ensure robust procedures are designed and implemented, staff are properly trained and any suspicious activity or transactional red flags are proactively identified and swiftly investigated.
Baker Tilly meets you where you are in your compliance journey. Our programs are custom designed to protect organizations, whether you’re just starting out or have an established program. We work with organizations including Registered Investment Advisers (RIAs), Exempt Reporting Advisers (ERAs), financial technology (fintech) companies, private equity, insurers, banks, credit unions, attorneys, auto dealers, jewelers, casinos, cash-intensive businesses, money services businesses (MSBs), banking-as-a-service (BaaS) providers, real estate companies and more.
Areas of regulatory focus
Detect, monitor, mitigate, prevent and investigate solutions to regulator's current focus areas.
- Sanctions
- Cannabis-related businesses
- Cryptocurrency
- Training
- Fintech/Banking-as-a Service
Sanctions
In the ever-evolving geopolitical climate, complying with sanctions requirements is incredibly complex. We can help with everything from:
- Assessing risk and building compliance programs
- Testing policies and procedures
- Performing outsourced screening if the volume of alerts is just too hard to manage.
Cannabis-related businesses
No matter the status of legalization in your state, we can help you understand the risks associated with doing business with marijuana related businesses, including:
- Establishing policies and procedures to identify Tier 1, 2, or 3 MRB’s
- Ensuring all compliance activities are optimized for reporting requirements
Cryptocurrency
If you are a cryptocurrency exchange you need to establish a risk-based BSA/AML program and receive independent testing over it. If you are a financial institution that has crypto companies as a client, you know the risk landscape is distinctive and more due diligence is required. At Baker Tilly we can help both crypto firms and financial institutions with compliance. Including BSA/AML and sanctions requirements while ensuring all processes and technology are optimized to the particular risk profile of your organization.
Training
Training is the backbone to preventing and detecting financial crimes. Proper training keeps your team informed of the latest risks impacting your industry. Additionally your team will understand how their roles can support regulatory requirements. Ultimately protecting your organization and the communities you serve.
Fintech/Banking-as-a Service
The financial services landscape is rapidly evolving, and one notable trend is banking as a service (BaaS). In BaaS, nonbanks (such as fintech companies) collaborate with banks to offer banking services without requiring a bank license. This approach allows for faster and more cost-effective delivery of banking services through digital channels. However, it also introduces compliance risks that need careful consideration. At Baker Tilly, we help companies assess their risk profile in order to establish and execute a robust compliance program.
Featured insights
Navigating the new FinCEN final rule for investment advisors
FinCEN issued a final rule integrating certain RIAs and ERAs into the definition of “financial institution” under the BSA. This rule mandates AML/CFT programs and SAR filings, aligning with the Biden-Harris Administration’s anti-corruption strategy. Learn the implications for investment advisers and compliance obligations
Navigating BaaS: Key insights and compliance essentials
Explore banking as a service (BaaS), its compliance risks and essential insights for organizations to navigate the evolving financial services landscape effectively.
How to train your organization to achieve BSA/AML compliance
For your Bank Secrecy Act/ Anti-Money Laundering (BSA/AML) compliance program your financial institutions must provide appropriate training your board and employees.
Examining institutions’ key needs in a BSA/AML lookback
Discover how Bank Secrecy Act (BSA) and anti-money laundering (AML) lookback reports help identify irregularities and enhance financial integrity.
Cybersecurity, ransomware and AML implications
Listen to this on-demand session from Baker Tilly’s Fraud Summit 2024 for a discussion on cybersecurity.
Protect your financial institution against fraud: How to upgrade your anti-money laundering (AML) system
Fraud is attacking financial institutions like yours. Update your anti-money laundering (AML) system from a manual to an automatic system and learn best vendor management practices.