BSA/AML Transaction Review - "Lookback"

For both large and small financial institutions, BSA / AML remains the focus of regulatory scrutiny. If your Institution does not have an effective Program (Policy, Procedures, Training, and Technology) in place, the regulators will use their arsenal of enforcement actions currently at their disposal. Amongst the enforcement actions available, the regulatory-directed BSA / AML Look-Back and associated civil money penalties are the most frequently used methods to set compliance in motion for a financial institution.

A look back review can be the result of:

  • An internal review and investigation conducted by the financial institution on a voluntary basis, resulting from inefficiencies uncovered through an internal risk assessment
  • A Regulatory finding due to insufficient effort by the financial institution to address previous concerns

In performing a BSA/AML "Lookback" review, GRC Solutions leverages proprietary tools and subject matter expertise to identify and address the root cause(s) of your financial institution’s BSA/AML program deficiencies, which might include:

  • Source transaction mapping
  • Outdated detection scenarios and thresholds
  • BSA/AML staff resources
  • Operational workflow
  • Monitoring Gaps
  • Incomplete Suspicious Activity Reports (“SAR”) and/or Currency Transaction Reports (“CTRS”)