Managed Cyber Security Services - Cybersecurity Monitoring

BSA/AML Model

The Bank Secrecy Act (BSA) is integral for protecting financial institutions against fraud. Under the BSA are Anti-Money Laundering (AML) model regulations, which are specific rules that help businesses comply with the BSA. Some types of AML Models include:

Know Your Customer (KYC)
Transation Monitoring
Individual Company Protocol

Many banks and financial companies use BSA AML software to follow these federal laws and improve AML model development processes. Neovera Compliance offers BSA AML Model Validation to assess your software development, implementation, and use according to the Supervisory Guidance on Model Risk Management OCC.

AML Model Validation Services

We will evaluate your current BSA/AML software and procedures to follow necessary regulations and improve safety. We use our criteria and written legislation to determine your model’s effectiveness and potential weak spots. From there, we can help you tighten security and comply with all requirements to avoid potential penalties.

Whether alone or as part of a BSA/AML Audit, we inspect the following aspects of AML model validation:

Benchmarking
Data validation
Data reconciliation
Developmental evidence
Documentation
Governance
Outcome analysis
Security and change control

We offer Verafin model validation and work with various software developers. Once we complete the evaluation, you’ll receive a compact analysis of your software’s effectiveness through our BSA portal Login. We deliver risk-based facts in an accessible report, which management can share with each department.

BSA Security Auditing

Our BSA/AML Model Validation meets all industry guidelines and best practices to prevent BSA cyber attacks. We tailor our process to your BSA Security needs with our remote and on-site audit availability for enhanced convenience.

Our services benefit your company with:

Quick turnarounds for reports and deliverables.
Prices that match your budget constraints.
Outsourced analysis that maximizes employee resources and time.

Whether you are installing new software or have a decade-old procedure, we will help protect your institution from violations and regulate your process.

Why Choose Us?

Neovera Compliance makes it simple for any company to improve technology models. We have nationwide auditing experience helping small and large businesses upgrade and enhance their compliance efforts. Our services ensure your software complies with all regulations while maintaining your individual business goals.

Former compliance and BSA officers, auditors, and examiners complete each audit with previous knowledge and experience. Our easy-to-read reports will help you design and implement new procedures as needed. We will deliver each notice promptly so you can begin upgrading your software or scaling your processes as needed.

The Neovera Difference

Our assessments are performed by former compliance/BSA officers, auditors, and examiners with vast experience of the inner workings of financial institutions AND in-depth compliance knowledge.

We have nationwide auditing experience with ALL types and sizes of institutions.

We provide concise, professional, and easy to read reports delivered promptly.

Find out how you can implement a security strategy that leaves nothing to chance.

BSA/AML Model Validation

BSA/AML Model

AML Model Validation Services

BSA Security Auditing

Why Choose Us?

Keep your institution off the evening news.