Strategic Security understands the important elements of AML compliance requirements and can explain how our training programs and audit / consulting services can fully meet all requirements of the CFTC, SEC, NFA and FINRA.
Strategic Security Corp (SSC) knows that financial institutions and other players in the financial ecosystem have to evolve, adapt and transform to meet increasing consumer expectations, the disruptive impact of technology and burden of regulatory oversight. Strategic Security Corp (SSC) draws on deep experience across industries to help financial services institutions in every region find innovative ways to optimize processes, reduce back office costs, align IT, manage risks, capture the economic benefits of building loyal customers, and plan for evolving competitive and regulatory landscapes.SSC has deep expertise in financial services, but we also look beyond the industry and draw upon our capabilities experience. We tailor these offerings to the needs of our financial services clients to help them solve problems or pursue opportunities in many areas. Strategic Security Corp. (SSC) regulatory compliance teams are comprised of former members of the Department of Treasury, High Intensity Financial Crimes Area (HIFCA), FinCEN, the FDIC and other Government agencies as well known financial institutions. Strategic Security understands the essential elements of AML compliance requirements and can explain how our training programs and audit / consulting services can fully meet all requirements of the CFTC, SEC, NFA and FINRA.
- Core Banking
- Managed Services
- Digital Banking
- Regulatory Compliance
- Treasury Management
DEVELOPMENT OF INTERNAL POLICIES, PROCEDURES AND CONTROLS – Strategic Security Corp. will assist your firm with developing your internal policies, managing customer complaints, AML procedures, programs and controls. AML compliance is SSC’s focus and we bring you both experience and expertise in the area.
DUE DILIGENCE CHECKS – Strategic Security Corp. provides due diligence checks that include criminal, OFAC and terrorist watch list checks amongst others to ensure compliance and that you know exactly whom you are conducting business with.
AML REVIEW -They monitor customer wire transfers, trust & investment transactions using an automated system and investigates “Alerts” generated by the system. Cases are referred to the KYC and SAR groups as indicated by the investigation results.
SECTION 23A / 23B, OCC, BIS, BSA AML & GLBA COMPLIANCE – Monitor compliance with the aggregate limits in sections 23A / 23B and to identify institution specific and industry wide levels of change in covered transaction activity and their effect on insured deposit institution risk exposure.
KNOW YOUR CUSTOMER – Investigates cases referred to it by the AML Review Group, SAR Group and other departments. Assigns a “risk code” based on a scoring scale of the KYC risk assessment; investigates medium-and-high risk clients identified via KYC process and conducts annual reviews of high-risk clients. Cases are referred to the SAR Team/Group as needed or scheduled for follow-up reviews.
WATCH LIST SCREENING – Sanctions compliance activities often involve multiple, fragmented departments and business applications spread across numerous customer and vendor datasets. Without a comprehensive view of compliance across your organization, you run the risk of violations carrying hefty fines and penalties. Our screening services are here to assist.
OFAC COMPLIANCE & PEP SCREENING – Regardless of your industry, you’re under strict government requirements to ensure all transactions and business relationships are vetted, assessed for risk and profiled against internal risk appetites.
INDEPENDENT AUDIT FUNCTION TO TEST YOUR AML PROGRAM – Regulated financial institutions must conduct independent annual testing of their AML compliance program. This testing can be done by a firms’ personnel (such as an internal audit staff) who are independent of the personnel working in areas that are exposed to potential money laundering risks or by hiring an outside party with experience in this type of audit. The results of this audit should be documented and reported to the firms’ senior management or an internal audit committee. SSC will perform an independent, third-party performance audit of your company’s AML program including backtesting, merger and acquisition related compliance issues, and KYC related matters under the direction of the firm. SSC Compliance provides a fully documented audit and will submit their findings in a report to your firm’s senior management or internal audit committee along with appropriate recommendations and suggestions. SSC is a fully qualified, industry experienced provider of these services.
SUSPICIOUS ACTIVITY REPORTING – Investigates cases referred to it by the AML review or KYC Group as well as by Account Officers. Files SARs with the Financial Intelligence Unit as required.
DESIGNATION OF A COMPLIANCE OFFICER AT YOUR FIRM – Your firm must designate one person as your AML Compliance Officer and have that person register as such with either the NFA or NASD. This person is responsible for ensuring your firm’s compliance with all federal, state and regulatory responsibilities under the USA Patriot Act. Designate an SSC AML Compliance Officer to assume this role for your firm.
ONGOING EMPLOYEE TRAINING PROGRAM – Regulated financial institutions must provide ongoing education and training for all appropriate personnel. At a minimum, a firm should provide annual training on the firms’ policies and procedures, the relevant federal laws and regulatory AML requirements. Firms should also maintain records to evidence their compliance with this requirement.
RISK PORTFOLIO ANALYSIS AND MONITORING SERVICES – Utilizing Strategic Security Corp.’s Global Operations and Risk Management Center customer’s assets and liabilities are proactively monitored around the world on a 24 hour 7 day a week basis by former HIFCA and HIDTA analysis that constantly analyze:
1) Crime trends based on FBI UCR statistics,
2) Money laundering operations in HIFCA and HIDTA regions,
3) Vulnerability to natural, civil, and technological disasters,
5) Communication failures,
6) Computer / network attacks
7) HALWALA activity and
8) Possible terrorist activities based on confidential flash alerts from DHS.
Customers are put into a risk matrix based upon the regulators requirements outlined in the FFIEC and AML guidelines and given a risk rating per asset as well as an overall risk portfolio rating based on a 1-10 scale. Strategic Security utilizes the DHS risk assessment methodology that has been established as the benchmark for the insurance industry to measure risk. Our Risk Portfolio Analysis and Monitoring Service minimize liability as well as loss runs thus reducing insurance premiums and improving your AM Best Rating. We truly are NOT a cost center on your balance sheet.
INFORMATION TECHNOLOGY – Information Technology Risk Management Program (IT-RMP) and PCI Data Security Standard Compliance – The Standard is a set of 12 data-security regulations that is designed to safeguard payment transactions through the use of firewalls, encrypted transmissions of cardholder data, and anti-virus software. Assess the adequacy of bank’s system to manage the risk associated with e-banking (i.e the # of debit cards associated with an account), funds transfer, e-cash (stored value cards e-cash and computer e-cash). Payment Card Industry Data Security Standard, a set of security requirements for merchants and payment processors that includes implementing strong access-control measures, regularly monitoring and testing networks, and maintaining an information security policy (ATM user plane, control plane and management flow)