Compliance Diagnostics

Booz Allen examines an institution’s compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations in nine key areas:

1. Governance and Organization—Examination of who is governing the AML program, costs in comparison to competitors, where AML fits within the institution’s organization, and policy monitoring and change process
2. Risk Evaluation—Determination of how susceptible the institution is to money laundering based on its offerings of products and services
3. Account Opening—Review of account opening policies, processes, and procedures (KYC, customer identification and profiling)
4. Account/Transaction Monitoring—Evaluation of an institution’s ability to monitor the types of transactions that are high-risk or made by high-risk customers through the application of specific risk parameters to various product areas
5. Record Keeping—Measurement of an institution’s retention of required records that are applicable to AML transactions, information, and fund transfers
6. AML Reporting—Examination of AML event report generation and issue escalation procedures for both internal and external parties
7. Written Compliance Program—Review of an institution’s written policies that are applicable to AML
8. Self-monitoring, Auditing, and Response—Evaluation of internal programs that monitor compliance program effectiveness, responsibility, content, issue escalation/remediation and responses to external investigations
9. Training—Review of employee training program on AML related issues

Using our compliance diagnostic, Booz Allen records the strengths and weaknesses of an institution’s AML/CTF compliance program and measures its maturity against metrics based on mature and leading AML programs that have been provided by industry experts.