Compliance Diagnostics

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

• 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
• Risk Evaluation: Determination of how susceptible the institution is to money laundering based on its offerings of products and services
• Account Opening: Review of account opening policies, processes, and procedures (KYC, customer identification and profiling)
• 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
• Record Keeping: Measurement of an institution’s retention of required records that are applicable to AML transactions, information, and fund transfers
• AML Reporting: Examination of AML event report generation and issue escalation procedures for both internal and external parties
• Written Compliance Program: Review of an institution’s written policies that are applicable to AML
• Self-monitoring, Auditing, and Response: Evaluation of internal programs that monitor compliance program effectiveness, responsibility, content, issue escalation/remediation and responses to external investigations
• 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.

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