GRAYCPA provides comprehensive IT solutions for the financial services industry including GLBA assessments, BSA/AML assessments, Operations assessments, and mortgage loan quality control reviews.
GLBA READINESS ASSESSMENTS
GRAYCPA assists financial institution management with information technology regarding the Gramm-Leach-Bliley Act (“GLBA”) Interagency Guidelines establishing Information Security Standards (501(b) guidelines) and the Federal Deposit Insurance Corporation (“FDIC”). We will examine your compliance management system as it relates to the GLBA security guidelines using the FFIEC framework.
FFIEC CYBERSECURITY ASSESSMENTS
Financial institutions need a detailed risk management program to remain compliant with ever-increasing laws, regulations, and government oversight. The FFIEC Cybersecurity Awareness program provides guidance that helps financial institutions protect clients’ sensitive information. GRAYCPA will assess your FFIEC compliance to help you mitigate cybersecurity risks and meet and exceed your clients’ privacy protection expectations.
BANK SECRECY ACT / ANTI-MONEY LAUNDERING ASSESSMENTS
The Bank Secrecy Act of 1970 requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. The Act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
FinCEN requires non-bank mortgage lenders and originators to develop anti-money laundering programs and file suspicious activity reports with FinCEN. Suspicious activity reports are a critical source of information to law enforcement and regulatory agencies in their investigation and prosecution of mortgage fraud and a wide range of other financial crimes.
Compliance with BSA/AML is a critical component of an entity’s overall corporate governance program and a key component within the regulatory compliance model. The policies and internal controls established and implemented by management significantly contribute to the ongoing efforts to reduce risks that incidences of noncompliance that could lead to regulatory criticism or consumer litigation are not prevented or detected promptly and corrected by company personnel. The GRAYCPA assessment assists management in determining whether their overall compliance framework has been effectively implemented and the associated BSA/AML compliance objectives are achieved.