In recent years, regulatory fines and large settlements resulting from deferred prosecution agreements associated with lapses in anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance programs have continued to rise. Financial institutions have paid steep penalties for failure to maintain scrupulous records and adhere to strict regulatory standards, specifically addressing potential violations of the BSA and other AML regulations.

StoneTurn’s AML professionals are experienced in advising clients on compliance with financial crime prevention regulations. Our investigations, forensic accounting and compliance and risk experts have experience working with government entities that enforce the BSA, the USA Patriot Act, and Office of Foreign Assets Control (OFAC) rules. Several of our investigations professionals are certified anti-money laundering specialists (ACAMS) and have significant experience working on complex investigations and monitoring teams.

In addition to AML prosecutions, the U.S. Department of Justice (DOJ) has introduced new measures intended to motivate companies to voluntarily self-disclose Foreign Corrupt Practices Act (FCPA)-related misconduct. Using the anti-corruption template as a guideline for financial institutions wishing to stay ahead of AML issues, StoneTurn assists companies to address the issues surrounding AML risk management, internal control compliance and training, as well as to conduct robust investigations into allegations indicating possible non-compliance.

Specifically, StoneTurn professionals provide:

• BSA/AML Risk Assessments emphasizing review of internal controls to identify gaps
• Independent testing of existing compliance programs
• Support to ensure proper Enhanced Due Diligence (EDD)
• Evaluation and analysis of Customer Identification Programs, Customer Due Diligence and Employee Due Diligence procedures
• Due diligence and investigative support
• Compliance program development and operational implementation
• Auditing analyses and “look-back” assessments