WS Consulting LLC (WSC) has assisted clients with Bookkeeping, Accounting, Taxation, Internal Control, Bank secrecy Act (BSA), and Anti-money laundering (AML) Office of Foreign Assets Control (OFAC) issues for more than twelve years. (WSC) registered and based in state of New Jersey United State of America (USA). Company is in process of expanding its services to financial institutions globally with assistance of Compliance professionals and attorneys. We have designed, reviewed, enhanced, implemented and monitored and look back.
Our work has included assessing Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) risk at the enterprise and business level, drafting and enhancing policies and procedures, creating and delivering training modules, compliance assessments, forensic “look backs” pursuant to regulatory agencies findings, internal controls assessments, and implementation of technology solutions, internal investigations and the creation of enterprise-wide private sector Financial Intelligence Units (FIUs) and Financial Action Task Force (FATF) on Money Laundering.
(WSC) is specializes in providing regulatory compliance services to financial institutions. Our services are available in following areas, locally in USA and globally.
An effective compliance program starts with an evaluation of the compliance risks specific to an institution’s operations and structure. Either as a part of our Compliance Administration Program or as a special project, as sell:
The results of this assessment will be used to recommend an effective compliance program and to deploy resources to the compliance areas with the greatest risk.
Our professional’s team includes Bank compliance officers and Attorneys. (WSC) have the experience and expertise to provide comprehensive compliance services for institutions of any size and complexity, both domestic and international
Our business philosophy is to form a long-term partnership with our clients, and provide efficient professional services at a reasonable cost. Our hands-on service style combined with our approach and our ability to communicate proactively at a high level will result in enhanced service.
(WSC) provides a comprehensive compliance solution. (WSC) provides a bank with the tools and resources necessary to effectively outsource the administration of the program
Performing a comprehensive risk assessment and developing a customized compliance program.
Establishing and directing the compliance committee, oversight of senior management.
Developing and implementing a compliance monitoring program.
Performing customized compliance training.
Maintaining the bank’s awareness of the regulatory environment and assisting with the implementation for new and amended rules and regulations.
Participating in new product/service development and recommending appropriate compliance controls.
Assisting with regulatory examinations.
Compliance testing is a critical to an effective compliance program.
We carry out compliance testing, i.e. comprehensive program based on the results of a risk assessment or targeted review on specific needs, and our compliance testing will cover all applicable laws and regulations, which covers following areas.
Comprehensive reviews based on up-to-date procedures
Finding and recommendations discuss with management
Written report and copy to Audit committee and Board of Directors
Follow up with corrective actions taken
Money Laundering, Terrorist Financing and Drug Trafficking, detection and prevention are critical elements of a financial institution’s compliance program. And effective anti-money laundering strategy will help mitigate exposure to transaction compliance and reputation risk.
WSC, we verify compliance in accordance with the bank’s BSA/AML policies and procedures, and test internal controls designed, and segregation of duties designed to prevent money-laundering activity. Our procedures will cover all major business lines, products and locations, including:
Our independent review exercise will make sure, that all measures have been taken by Bank and all branches to rectify all deficiencies were identified by local and federal regulators.
Qualification, experience and knowledge in compliance area of an individual responsible for coordinating and monitoring day-to-day compliance
Scope, frequency, and documentation of BSA/AML training;
Prior internal/external audit and examination findings and corrective actions taken;
Customer Identification Program (CIP), enhanced due diligence (EDD), account opening policies and procedures
Suspicious (SAR) activity detection and reporting;
Corresponding Banking and filtering transaction through (OFAC) filtering system
All (OFAC) updates installed in transaction filtering system and periodically test;
Funds transfer activity
Information sharing requirements under section 314 USA Patriot Act.
It’s everyone in organization responsibility to well aware with regulatory compliance. It’s should not be restricted to compliance department, an effective compliance program ensures front-line staff, those performing transactions, have complete knowledge and understanding and tools to perform the transaction in compliance with applicable local and federal laws and regulations.
An effective compliance-training program includes training mandated by regulations (e.g. anti-money laundering, bank secrecy act, security, and funds availability). as well as training in response to regulatory changes, new products or services and internal//external audit and examination findings. Our compliance administration program, or as a stand-alone product, our training programs are customized to your specific operations.