Southern Management Solutions

Bank Secrecy Act/Anti-Money Laundering/OFAC Compliance Services

Southern Management Solutions performs Bank Secrecy Act and Anti-Money Laundering audits in accordance with the procedures outlined in the Federal Financial Institutions Examinations Council’s BSA/AML Examination Manual. The BSA/AML audits performed by SMS include comprehensive review and testing of the bank’s BSA/AML compliance program, including, but not limited to:

The overall effectiveness of the BSA/AML compliance program, including policies, procedures, and processes.

• BSA/AML/OFAC risk assessment.
• BSA reporting and recordkeeping requirements.
• Customer Identification Program (CIP).
• Customer Due Diligence (CDD).
• Employee and Board of Director Training programs.
• Internal and IT controls over the BSA/AML processes.
• The adequacy of the bank’s policies and procedures for identifying and reporting suspicious activity.
• Board reporting and supervision.
• Policies, procedures and processes regarding Information Sharing (314a and 314b).
• OFAC compliance, including policies, procedures and processes.