It is one thing to have such an AML program in place, it is quite another to implement it effectively. And, it’s important to remember that implementation failures are specifically what draw the ire of regulators, complete with sometimes very hefty monetary and other penalties.
Is your company being asked for a SOC 2 attestation by your customers? SOC 2 stands for Service Organization Control 2, which reports on various organizational controls related to the five Trust Service Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy. It is an audit conducted by an authorized CPA firm, adhering to rules and a framework provided by the AICPA (American Institute of Certified Public Accountants).
Most days, a Compliance Officer walks into their office and does one of many routine activities required by the Bank Secrecy Act or the PATRIOT Act. All of that changed on January 1, 2021 when the U.S. Senate voted to supersede former President Trump’s veto of the National Defense Authorization Act; legislators passed it into law and it includes the Anti-Money Laundering Act of 2020 (AMLA).
There are a number of benefits to outsourcing to third-party providers, but do business leaders truly understand the full scope of the holistic risks to their organization when deciding to hire an external provider?
Scope creep. We’ve all experienced it more often than we care to remember. And it’s not just frustrating. It can cause massive delays, a waterfall effect on other dependencies, cost overruns, and potentially a failure of the entire effort.
Historically, companies have not taken a holistic approach to ensuring that their information resources work together. The root cause of the problem is the history of the development, storage, and maintenance of documentation and training.
Policies are a thorn in the side for many people, like an obstacle course strewn with potholes, blind corners, barriers, and complex or confusing signs, or a maze that’s difficult to decipher and navigate.
A good Change Management Plan can support and ensure smooth organizational transitions and calm anxiety that typically comes up with change.
Sourcing reliable partners who understand your business and consistently provide good talent can be a huge asset to organizations. Now more than ever, companies are choosing to outsource their specialty/niche services so they can optimize their internal resources and get a superior end product in less time and often at less overall cost.
Information Integration Inc. (i3)
1345 Avenue of the Americas, 33rd Flr.
New York, NY 10105
