Anti-Money Laundering Compliance Solutions Integrated™
This new initiative is our fast response to an ever-increasing complexity on regulatory bodies, mainly in highly regulated states like Florida. While the spirit of regulations are well intended, the actual drafting of statutes and rules have become a real challenge for the small business to overcome. It is here where our vast experience in designing compliance programs for diverse high risk industries, including Money Services Business, has been instrumental in accomplishing this goal: to provide our clients a solid, tailored, and comprehensive Program minimizing the complexity and keeping policies and procedures easy to understand and to the point.
The result of many years of experience and a lot of feedback throughout the years is this new concept.
What is new about this?
Anti-Money Laundering Compliance Solutions Integrated™ (AMLCSI™) is a true game changer. We have identified essential parts on regulation that are often overlooked by typical Money Services Businesses owners, not by negligence, but because they are often spread through different regulatory bodies, and through different parts on the whole statute/regulatory framework. The end result is a sheer number of elements that must be complied with, which cannot be found on a single place.
AMLCSI™ is a Program that is composed of a number of small, easy-to-understand and apply documents, starting with a CORE AML program which meets all the required Bank Secrecy Act elements for the particular business model of the Money Services Business. This same concept is applied to other areas that are regulated under the BSA, such as Precious Metal Dealers. Thus, AMLCSI is available to several industries which fall within the Bank Secrecy Act umbrella.
The main benefits of adopting AMLCI™ as your compliance framework are:
Managed Program
Regulatory changes, as well as specific changes on the client's business model are tracked and timely applied to the Program, on whichever area said changes are relevant. The Program is actively maintained and updates are provided to our clients either upon request, when there is a regulatory change, or yearly.
Tracked Changes
One of the biggest problems with maintaining long and complex compliance programs is finding what changed, and when it changed. This usually requires a complete re-read of the program. AMLCSI™ provides a list of Program changes, ordered chronologically. Thus it is very easy to see what has been updated, and when it happened.
English and Spanish
We recognize that there is a segment of the industry which is not fluent enough in English as to be able to understand what is required of them by the regulation. This often results in unnecessary fines and penalties which could have been avoided. Thus, we have implemented a complete translation of AMLCSI™ and it is available in English and Spanish, for all its documents.
How to subscribe to AMLCSI™?
The process of subscribing to AMLCSI™ starts by completing an online form, requesting a subscription. You will receive a confirmation e-mail asking some important details of your operation, its business model, and particulars of how you conduct your operation. After providing said answers, our consultants will set up your business under the AMLCSI™ service, and your own Anti-Money Laundering Compliance Solution Integrated™ will be generated, including all the relevant documents that apply to your business. You will receive the complete set of documents, in English and if requested during the subscription application, in Spanish. You may request Spanish documents at any time while your subscription is active.
AMLCSI™ subscriptions run anually.
What is AMLCSI™ Plus?
Because part of the compliance implementation of AMLCSI™ focuses in the production of certain documents, we have established an online premium service which provides to our subscribers a set of specialized tools to generate the necessary reports. These tools include additional functionality on top of report generation:
- OFAC Searches on commercial customers (or any other customer you chose).
- SUNBIZ ALERT™, notifications when your commercial customers, established in Florida, have changes in their corporation information stored at sunbiz.org.
- RISK ASSESSMENTS, which include tailored criteria to obtain a score for qualifying customers.
- COMPLIANCE NOTIFICATIONS, via SMS, of important dates that require action, tailored to your business.
There is new functionality being developed constantly, and existing functionality is being refined regularly.
