AML Independent Testing

The USA PATRIOT Act and FINRA require that broker-dealers conduct an annual independent testing of their Anti-Money Laundering Compliance Program to ensure that all regulatory requirements are being met. 

CSG consultants hold the prestigious CAMS*  designation which is recognized worldwide and denotes proven knowledge in the detection and prevention of money laundering. In addition, CSG consultants have practical and hands-on industry experience which results in an independent testing program that is specifically designed to identify and address weaknesses in an AML Compliance Program. 

CSG Independent Testing will result in a written report to the firm’s senior management that will provide details and results.  Areas that would be reviewed and/or tested include (but are not limited to):

  • The review and testing of the firm’s AML Written Supervisory Procedures and Polices.
  • The review of client files to ensure that due diligence and know-your-customer requirements are being fulfilled.
  • The review of the broker-dealer’s check and/or security logs.
  • The review and testing of OFAC and 314(a) procedures.
  • The review of required forms and regulatory filings and notifications.
  • The review of the broker-dealer’s plan for and completion of required training. 

Regulatory efforts to fight money laundering and terrorism continue to demand a strong AML Compliance Program. A broker-dealer’s continued success depends on the strength of its AML Compliance Program. 

Let CSG help you find and fix any weaknesses before the regulators do!

*The Association of Certified Anti-Money Laundering Specialists® (ACAMS®) is the premier organization for anti-money laundering (AML) professionals and the provider of the Certified Anti-Money Laundering Specialist® (CAMS) credential – the most respected certification in the industry. The CAMS designation is recognized worldwide by both the private employers and government sectors and acknowledged by regulators, examiners, and law enforcement.  The CAMS credential denotes proven knowledge in the detection and prevention of money laundering and positions certified AML professionals as leaders in the industry.  (Source:  www.acams.org)