Case Study: a major commercial bank achieves compliance with BSA/AML/OFAC requirements with BDO

a major commercial bank achieves compliance with BDO for BSA/AML/OFAC and NYDFS Part 504 requirements

A New York branch of a major commercial bank needed to demonstrate compliance with stringent federal and state BSA/AML/OFAC regulations, particularly regarding the effectiveness of its transaction monitoring and sanctions screening systems. To address this challenge, the bank engaged BDO for its model validation services.

BDO validated the bank's systems by reviewing and testing the integrity of source data, the accuracy of processing logic, and the quality of the model's output. This process ensured the bank's compliance with legal requirements and industry best practices. BDO also provided recommended improvements to better align the systems with the bank's specific risks and regulatory obligations.