A large financial services company and credit card issuer faced an FDIC consent order requiring improvements in its regulatory compliance—specifically, compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML).
The chief compliance officer sought our help to bring the company’s business processes in line with regulatory requirements. We provided a senior-level interim professional with relevant experience to develop a compliance framework for the client, assess the current state of compliance and move the client toward full compliance.
We worked quickly to develop new AML compliance policies for three business units—delivered in time for year-end board approvals. Furthermore, we evaluated 144 different processes and procedures for program compliance, then worked with specific business units to remediate processes as needed.
