Navigating the complexities of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Countering the Financing of Terrorism (CFT) is crucial for community banks. At CCI, we specialize in providing tailored consulting services to help you meet these stringent regulatory requirements. Our consultants bring extensive experience, and a deep understanding of what regulators expect. We work closely with your bank to develop and implement effective BSA/AML/CFT programs that address your specific needs. Additionally, we recognize the unique challenges posed by cannabis banking. Our certified experts are equipped to integrate these requirements seamlessly into your existing compliance framework, ensuring comprehensive coverage of all aspects of your program.

The board of directors and senior management should receive foundational training and be informed of changes and new developments in the BSA, including its implementing regulations, the federal banking agencies’ regulations, and supervisory guidance. Regulatory enforcement is becoming more and more stringent on the oversight of compliance in community banks by their Board of Directors. CCI provides annual BSA/AML/CFT training services to help financial institutions strengthen their compliance programs.

The purpose of independent testing (audit) is to assess the financial institution’s compliance with BSA regulatory requirements, relative to its risk profile, and assess the overall adequacy of the BSA/AML/CFT compliance program. We provide management and Board of Directors with an independent and objective view of the BSA/AML/CFT program. We cover the elements of the BSA/AML Examination Manual that matter most to your financial institution based on your size and complexity.

The board of directors, acting through senior management, is ultimately responsible for ensuring that the bank maintains a system of internal controls to assure ongoing compliance with BSA regulatory requirements. CCI will review your BSA/AML/CFT policies and procedures. We will ensure they are updated and accurately reflect your BSA/AML/CFT program. We will evaluate your existing policies for adhering to regulations and offer our recommendations for improving and streamlining these procedures. We can also assist you in the preparation and implementation of new policies.

To assure that BSA/AML/CFT compliance programs are reasonably designed to meet BSA regulatory requirements, financial institutions structure their compliance programs to be risk-based. A well-developed BSA/AML risk assessment assists the financial institution in identifying ML/TF and other illicit financial activity risks and in developing appropriate internal controls (i.e., policies, procedures, and processes). CCI will help you determine whether the financial institution has identified ML/TF and other illicit financial activity risks associated with the products, services, customers, and geographic locations unique to your institution.

When regulatory criticism or recommendations are received, financial institutions must make their response a priority. We bring experience in helping clients respond to regulatory agencies. CCI ensures that the plan of action is appropriate, efficient, and effective.

In this ever-changing regulatory environment, our team of professionals continue to stay up to date concerning regulations from all agencies including FDIC (Federal Deposit Insurance Corporation), FRB (Federal Reserve Board), CFPB (Consumer Financial Protection Bureau), and the OCC (Office of the Comptroller of Currency). Once on-boarded with CCI, we are just an email or phone call away with answers to your regulatory compliance questions.

As more states legalize marijuana for medical and recreational use, the banking industry faces new challenges in managing the risks associated with serving the marijuana business and marijuana-related businesses (MRBs). While the federal government still considers marijuana illegal, many states have legalized it in some form, creating a complex regulatory framework for financial institutions. Our consultants are well versed in the rules regarding marijuana-related businesses and can help and meet them.