Enforcement
Action Remediation
A recent trend has occurred as of late of enforcement actions being followed by severe monetary penalties. However, deficiencies in your BSA/AML/OFAC programs do not always have to result in penalties.
Model Validations
Model Validations
When the going gets tough, Arc-Serv has the expertise and confidence to relieve stress caused by examiner criticisms and enforcement actions.
Recent trends of enforcement actions being followed by severe monetary penalties are making many in our industry anxious. However, deficiencies in your BSA/AML/OFAC programs do not always have to result in penalties. Whether you have recently received an enforcement action or just severe criticisms from your auditors or examiners, responding to supervisory criticisms of an AML program should be a top priority.
Our regulators have signaled that AML enforcement remains a top priority. Disapproval of your compliance program – whether communicated informally during the examination/audit, in the exit meeting, or formally through written findings – must be properly escalated to management and the Board of Directors. Failure to act may subject your institution to continued censures, enforcement risk and/or monetary penalties.
Arc-Serv has successfully helped several institutions resolve enforcement actions and criticisms from examiners.
Arc-Serv: Strategic Solutions for Regulatory Excellence
Arc-Serv offers a range of services to support your BSA, AML, OFAC, and fraud-related projects, including system customization,
training, gap analysis, vendor due diligence, and more. Contact us for your personalized quote.