Financial Institutions

As the requirements and risks associated with regulatory compliance become an increasingly onerous, the demand for experts in AML/BSA, investigations, due diligence of high risk clients, risk assessment, outsourced services, and Litigation Support has grown steadily. Stratis Advisory provides a broad range of on-demand risk management and compliance services to financial institutions of all sizes. Our team consists of senior-level compliance experts from commercial banking and law enforcement.

Founded by former compliance officers and AML/BSA experts, Stratis Advisory provides on-demand services and support that are tailored to the unique needs of each financial institution we serve.

Stratis Advisory can help you:

  • Maintain a compliant anti-money laundering program
  • Execute high risk and/or specialized client risk mitigation
  • Implement compliance and risk technology and infrastructure
  • Operational investigations and suspicious activity reporting processes
  • Develop and implement advanced training strategies
  • Remediate deficiencies identified in regulatory exams or consent orders
  • Execute strategic corrective action plans
  • Resource capacity models for staffing, due diligence, and investigations functions
  • Develop critical committee and board metrics and reporting materials
  • Serve as strategic advisors to senior and executive management in executing strategic plans

Contact us for more information

Engagement Profiles:

MSB Program Enhancements and Risk Assessments for Financial Institution with Global Remittance Portfolio

Situation and Background: Financial institution with global remittance portfolio under regulatory scrutiny sought enhancements to its MSB program and enhanced risk assessments of remittance clients.

Key Issues:

  • Cross-border remittance portfolio was under scrutiny by banks’ regulator.
  • Bank needed enhancements to its MSB program to establish clear requirements for onboarding and ongoing due diligence.
  • Risk assessments, including transaction analysis, were insufficient based on risk.
  • Portfolio required regular reporting to Compliance Committee and Board of Directors.

Services:

  • Enhanced bank MSB program and procedures that passed regulatory review.
  • Performed enhanced risk assessments, including site-visits of remittance clients to understand AML/BSA risks.
  • Developed in-depth reporting function for remittance portfolio.
  • Presented risk assessment findings with retention recommendations to Compliance Committee and Board of Directors.

AML/BSA Vendor Capability Assessment for Bank

Situation and Background: Global financial institution sought to understand the capabilities of vendors providing compliance services for identity verification, sanctions screening, and transaction monitoring.

Key Issues:

  • Bank needed to understand the existing vendor market for identity verification, sanctions screening, and transaction monitoring for existing FinTech portfolio, including Bitcoin companies.
  • Bank sought to understand what tools Bitcoin companies could use to meet existing AML/BSA compliance requirements.

Services:

  • Initiated and participated in conversations with vendors of KYC/CIP and transaction monitoring solutions.
  • Digested results into a vendor capability assessment.
  • Enhanced client onboarding process with knowledge of vendor capabilities.