CellFunds Compliance is with your Organization Every Step in the Audit process.
Comply with anti-money laundering and counter terrorist financing regulation. Complete identity verification. And prevent financial crime.
Financial Institutions and FinTech’s can digitally onboard new customers, then automate an ongoing process of perpetual KYC to make the most of your people and your budget.
Design your configuration around your regulatory requirements, products, and customers. Integrate comprehensive datasets with an innovative workflow that puts the weight of activity on our risk engine not your colleagues or customers.
Remove manual processes and reduce remedial tasks that can’t be automated. Bring your compliance team in for analysis and decision-making. And create faster, more efficient customer experiences at onboarding and beyond.
Why is important to prepare and have the right representation at an Audit:
In recent years, Bank Secrecy Act (BSA) and anti-money laundering (AML) enforcement actions have increasingly concentrated on internal audit, the third line in the classic three-lines model financial institutions use to protect themselves.
Why this matters and how you can respond:
Because enforcement historically looked at second-line failures, some institutions downplay the third line, leading to some significant civil penalties. Here are four areas where internal audit deficiencies attract regulatory attention:
- Subject matter expertise: Regulators care about audit team qualifications. You’ll want to assess your auditors to be sure they have the necessary subject matter knowledge and experience.
- Planning and scoping: Internal audit plans and scope documents have faced regulatory criticism, especially when firms don’t conduct regular audits at a prescribed frequency. While it doesn’t mandate a set schedule, the Federal Financial Institutions Examination Council suggests 12- to 18-month intervals. Remember, regulatory expectations are constantly evolving document all of your scoping decisions.
- Execution and reporting: Regulators have also found fault with execution — specifically, that assessments aren’t thorough enough. You should develop comprehensive tests and revisit sampling methodologies so they’re in line with 2023 OCC guidance. Document your audits so a third party can easily comprehend and repeat the work.
- Validation: Institutions without robust issue validation programs often draw criticism from regulators. Enforcement now emphasizes timely remediation, implementation of sustainable controls and independent testing.
CellFunds Compliance will develop a plan and give you the options needed to complete successfully the audits. Develop your staff and train them how to proceed and deal with the day-to-day operations while staying compliant.
Our staff will be there every step of the way and help implement the results and position of the client to achieve successful results moving forward.
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