The New York Branch of an international bank required assistance to perform a Bank Secrecy Act and Anti-Money Laundering and Sanctions (BSA/AML) Risk Assessment. Uday led a team and assisted the Branch in performing the risk assessment, by conducting interviews with Branch personnel, reviewing the BSA/AML policies and procedures, internal audit reports and other relevant documentation. We assessed the Branch’s BSA/AML program and risks related to the Branch’s lines of business, customer base and geographic reach to identify and measure the risks associated with those factors. We assessed inherent risks for each area, identifying typical money laundering and sanctions red flags, identified and documented mitigating controls and assessing residual risks. The engagement assisted the Branch in identifying areas where their residual risk exposure needed additional controls to be implemented or existing controls to be strengthened to mitigate risks of non-compliance.
Note: This work was performed prior to joining Stout.