AML/BSA, OFAC and SAR Reporting Compliance System for lenders, correspondents or brokers
The Financial Crimes Enforcement Network (FinCEN) added Mortgage Originator Businesses (Brokers and Bankers) to the definition of Money Service Businesses. Firms must have a plan to identify and report incidents of suspicious activity. Our plan - part of our trio of services - provides an actionable step-by-step procedure that aligns with the mortgage process, so that you don't have to create separate procedures just for AML. This contains the four pillars for plans as specified by FinCEN: Accountability, Procedure, Training, and Review.
AML Compliance Plan for Lenders or Brokers
If your company, like most lenders, already has a fraud prevention plan in place, you likely meet 90% of the requirements of the Anti-Money Laundering rules promulgated by FinCEN. The requirement effective July, 2012 requires many companies not previously required to report suspicious activity, such as fraud, ID Theft and other non-cash related activities, to have a program in place for Suspicious Activity reporting (SAR). Other requirements include Office of Foreign Assets Control (OFAC) and Customer Identification Plan (CIP). Our plan meets all of these requirements, and can be incorporated with your company's general fraud prevention program (Red Flags) or quality control plan.
Here is the FinCEN Rule.
Here is the FinCEN Rule.
| AML/BSA/SAR Reporting Table of Contents |
Sample Table of Contents
Sample Training Program
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You can deliver the training yourself, using our provided PowerPoints, or you can use the no-cost program we provide here.
We also provide a self-audit checklist and procedure in the tools provided with this product, but if you need a 3rd party to conduct audits, we can do that too. |
Purchase AML Plan Only
The AML Plan stand-alone is part of the Quality Control Plan. You may consider purchasing the Small Broker Quality Control Plan or the Investor/Agency Lender Quality Control Plan, as a value-added product.
AML Compliance for Brokers and Small Lenders Made Easy
Solve AML Compliance Issues with a complete package that includes:
- AML Policies and Procedures - Customized to your company
- AML Program 3rd Party Annual Audit/Exam/Assessment - with complete (15-16 page) written report
- Training for all Employees - or Certification of Existing Training! (Don't waste your employees' time!)
- BSA/AML Officer training - BSA AML Officers are expected to have a higher understanding of the rules than staff (Only sold with package)
Purchase AML Audit, Training, Policy Complete Package
Georgia AML Plan Requirements
Georgia has been closely reviewing AML plans. All items are in our plans. We checked.
