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A local financial institution required assistance to comply with federal regulations related to Anti-Money Laundering (AML) controls, specifically for wire-transfer transactions. Our firm served as the Real-Time Monitor, examining transactions and
preparing reports for the Federal Reserve Bank of New York. Through our seamless process and thorough analysis, the client maintained regulatory compliance and received positive feedback from the regulator.
Client Overview
✸ Industry: Financial Services
✸ Client Description: A local financial institution established in the mid-20th century, dedicated to providing comprehensive financial services to the community.
✸ Size: Over $0.5 billion in assets and a diverse client base of over 100,000 individuals and businesses, along with over 200 employees.
✸ Location: Puerto Rico
✸ Duration of Engagement: 3 months
Challenge
The client, a prominent local financial institution, faced a significant regulatory challenge. The regulator mandated the implementation of a "Real-Time Monitor" to address concerns regarding Anti-Money Laundering (AML) controls. Compliance was crucial, as failure to meet these requirements could result in the loss of standing with the regulator. This would require not only real-time transaction monitoring but also the preparation of a comprehensive final report and risk assessment narrative to be submitted to the regulator.
Solution
To meet these stringent regulatory requirements, our firm was engaged as the Real-Time Monitor. We developed and implemented a seamless process tailored to the client's needs, ensuring all wire-transfer transactions were examined in real-time. Our approach included:
✸ Customized Monitoring Tools: Deployment of advanced monitoring software tailored to handle high volumes of transactions while ensuring accuracy and efficiency.
✸ Regular Updates and Communication: Continuous communication with the client to ensure transparency and adjust protocols as needed.
✸ Expert Analysis: Our team of compliance experts conducted thorough analyses to identify potential risks and ensure all transactions adhered to AML standards.
✸ Comprehesive Reporting: Preparation of a detailed final report and risk assessment narrative that not only met but exceeded the regulator's expectations.
Outcome
Our intervention as the Real-Time Monitor led to several positive outcomes for the client:
✸ Regulatory Approval: The client received favorable reviews from the Federal Reserve Bank of New York, affirming their compliance with the required AML controls.
✸ Risk Mitigation: OEffective identification and mitigation of potential risks associated with wire-transfer transactions.
✸ Enhanced Control: The implementation of real-time monitoring tools and processes strengthened the client’s overall AML framework.
✸ Client Satisfaction: The client was able to continue their operations without any regulatory interruptions, ensuring their standing with the regulator was maintained.
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