AML/CFT Compliance Services

SIRS AML/CFT Compliance Services

AML/CFT COMPLIANCE SERVICES FOR NON-BANK FINANCIAL INSTITUTIONS

SIRS AML/CFT Compliance Services

AML/CFT COMPLIANCE SERVICES FOR NON-BANK FINANCIAL INSTITUTIONS

AML/CFT Consulting

Since 2012, SIRS has been a premier provider of AML/CFT compliance consulting services. SIRS delivers customized, industry-specific AML/CFT compliance solutions for non-bank financial institutions (NBFIs). Acting as a partner to our clients, SIRS’ services address Bank Secrecy Act (BSA) requirements applicable to the client’s business dealings.

SIRS serves various NBFI businesses, including registered investment advisers (RIAs), mortgage brokers and lenders (RMLOs), securities broker/dealers (B/Ds), and precious metals & jewelry dealers. Clients can seamlessly integrate SIRS’ AML/CFT compliance services into their existing procedures. These expertly designed solutions help clients fully meet applicable BSA regulatory requirements.

SIRS’ AML/CFT services include risk assessments, written policies and procedures (AML/CFT programs), training, and independent testing.

AML/CFT Compliance Services

Under 31 CFR Chapter X, each financial institution is required to implement a written AML/CFT program that is risk-based and reasonably designed to prevent the business from being used for money laundering, terrorist financing, or other illicit finance activities. The AML/CFT program must be designed to ensure compliance with the applicable provisions of the Bank Secrecy Act and its implementing regulations. Among other things, the BSA’s implementing regulations include the designation of an AML/CFT compliance person, training of personnel, independent testing of the AML/CFT program, and conducting ongoing customer due diligence. To address these requirements, SIRS offers comprehensive AML/CFT compliance services for many types of NBFIs. Read more…

Compliance Program

SIRS will prepare a customized AML/CFT compliance program (written policies and procedures) which addresses relevant BSA regulatory requirements. This industry-specific AML/CFT program will be risk-based and reasonably designed. It will include the internal policies, procedures, and controls required by BSA regulations applicable to the client’s business dealings.

Training

SIRS offers online AML/CFT training courses for RIAs, RMLOs, and precious metals & jewelry dealers. Each of these sector-specific courses is tailored to the risks and regulatory requirements applicable to the business sector. Each course takes 12-14 minutes to complete and is priced at just $12. After successfully completing the course and quiz, a completion certificate is awarded.

Independent Testing

SIRS' Independent AML/CFT testing service consists of a comprehensive review of the client’s AML/CFT program. The review will include a comparison of the written policies and procedures with relevant BSA criteria. It will also include a review of records which demonstrate the client’s performance of procedures specified in the written program.

Risk Assessment

After reviewing the client’s business activities, SIRS will prepare a written assessment of the ML/TF risks to which the client is exposed in its business dealings. The assessment will draw upon applicable guidance given by FinCEN, FATF, the US Treasury Department and other reliable sources. The assessment will serve as the basis for the client’s AML/CFT compliance program.

Who We Are

Since 2007, Securities Industry Records Services, LLC (SIRS) has been a premier provider of cost-effective, regulatory compliance services for non-bank financial institutions. In 2012, SIRS shifted from a limited focus on SEC regulations governing securities broker/dealers to the broader range of AML/CFT regulations governing NBFIs (including RIAs, RMLOs, B/Ds, and precious metals and jewelry dealers). Read more…