BSA/AML Compliance Program Services
ComplyFactor designs and strengthens risk-based BSA/AML compliance programs for U.S. Money Services Businesses, fintechs, payment companies, and remittance and digital-asset businesses. The program should reflect how funds move through the business, who its customers are, where it operates, and which risks drive its controls.
Whether you're building a program from scratch, updating one that hasn't kept pace with growth, or responding to gaps a review identified, we scope the work around what your business does.
31 CFR § 1022.210
Every U.S. MSB must develop, implement and maintain an effective AML program, one reasonably designed to prevent the business from being used for money laundering and terrorist financing. At a minimum the program includes written policies, procedures and internal controls, a designated compliance person, training, and an independent review.
BSA/AML Program Design, Enhancement and Remediation
Program work generally starts from one of three places: a new business building its first program, an existing business whose program hasn't kept up with its growth or its risk, or a business responding to findings from a prior review. ComplyFactor supports all three: assessing where the program stands today, building or rewriting the components that need it, and helping put the result into practice so it doesn't end up as a document nobody uses.
Three starting points
What Is a BSA/AML Compliance Program?
A BSA/AML compliance program is the set of policies, procedures, and controls a business uses to detect and prevent money laundering and related financial crime, built around its own risk assessment. For MSBs, 31 CFR § 1022.210 sets out four minimum elements: written policies and procedures, a designated compliance officer, an ongoing training program, and independent review. The regulation states the minimum elements but doesn't supply the content. That content is built around the business's products, customers, and geography.
An effective anti-money laundering compliance program translates that risk assessment into practical policies, controls, training, and review procedures. The program is part of how the business operates.
Four minimum elements
BSA/AML Program Requirements for U.S. MSBs
What a program needs to cover depends on the business behind it. A single-location check casher, a multi-corridor remittance company with sub-agents, and a virtual-currency exchange are all MSBs, and none of them need an identical program.
MSB Category
MSB category and the activities it covers.
Products & Corridors
Products and payment corridors offered.
Customer Base & Channel
In-person, online, or agent network.
Geographic Footprint
Including any foreign exposure.
Transaction Volume & Risk
Volume and the risk it carries.
No Fill-in-the-Blank Template
The risk assessment determines which controls the program needs.
What Our BSA/AML Program Service Can Include
Not every engagement includes every item below in the same form. Scope reflects what your program needs.
Business-Specific Risk
Assessment
Built around your products, customers, and geography.
Written Policies &
Procedures
The documented core of the program.
Internal Controls
Design
How the policies get enforced day to day.
Monitoring, Reporting & Recordkeeping
Who monitors, who reports, and who keeps the records.
Training & Agent
Oversight
Role-relevant content.
Independent-Review
Readiness
Built to withstand the separate testing function.
Monitoring & SAR Procedures
Transaction monitoring and suspicious-activity procedures, where applicable.
Recordkeeping & Reporting
Procedures for applicable filings and records.
Customer Identification
Due-diligence processes, where applicable.
OFAC/Sanctions Integration
Screening integration, where relevant.
Building New vs. Strengthening Existing
Building a New AML Compliance Program
How We Strengthen an Existing BSA/AML Program
AML Gap Assessment and Remediation Support
A gap assessment reviews the current program against how the business operates, identifies where the two have drifted apart, and prioritizes findings by risk.
Current Program
Where it stands today
Gap Assessment
Reviewed against actual operations
Prioritized Findings
Ranked by risk
Remediation Roadmap
A sequence for fixing them
Implementation Support
Where agreed
This is advisory work and is separate from the independent testing required under 31 CFR § 1022.210(d)(4). Where both services are needed, reviewer independence is addressed during engagement scoping. See Independent BSA/AML Audit Services.
Our BSA/AML Program Development Process
Business & Risk-Profile Review
Understanding the business behind the program.
Risk Assessment
New or updated, depending on scope.
Policy & Control Design or Revision
Building or rewriting what the risk assessment calls for.
Training Framework Development
Content matched to actual roles.
Management Review & Sign-Off
Reviewed with your team before finalization.
Implementation Support
Where agreed as part of the engagement.
What You Receive From Your BSA/AML Program Engagement
Deliverables are scoped to the engagement: a new-program build and a targeted policy update don't produce the same set of documents.
When Should You Update Your AML Program?
There's no fixed renewal date FinCEN attaches to a program document the way there is for MSB registration. In practice, a program is due for review when the business has changed in ways the written program hasn't caught up with:
Many businesses choose an internal review cadence so program updates aren't triggered only by an external request or finding.
Why Work With ComplyFactor for BSA/AML Program Support
Programs Built Around MSB Risk
Shaped by how the business operates.
Specialist BSA/AML Support
Focused on program design, enhancement and remediation.
Independent-Review Readiness
Built in from the start of the engagement.
Coordinated Compliance Work
Aligned with the compliance-officer and registration work alongside it.
FAQs
31 CFR § 1022.210 sets four minimum elements: written policies and procedures, a designated compliance officer, ongoing training, and independent review. The specific content of each is shaped by the business's own risk assessment, not a fixed checklist.
No. A gap assessment is advisory: it reviews the program and helps fix what it finds. Independent review under 31 CFR § 1022.210(d)(4) is a separate testing function performed at arm's length, and the two aren't interchangeable even when both apply to the same business.
Yes. ComplyFactor can build a BSA/AML program from scratch or enhance and remediate an existing program.
Yes. The engagement can be scoped to specific policies, controls, a risk-assessment update, or another agreed area, rather than requiring a full rebuild.
Typically the current written program and risk assessment, a description of products and customer base, transaction volume, and any recent findings from a partner, examiner, or prior review. The exact scoping request depends on what the engagement covers.
Yes. These are separate requirements (one is a program you build and maintain, the other is a federal filing), but they can be coordinated, particularly for a business registering for the first time. ComplyFactor's FinCEN MSB Registration Services cover the federal filing itself. See FinCEN MSB Registration Services.
Implementation support may be included where it's agreed as part of the engagement scope. It isn't automatically included in every program engagement.
Discuss Your BSA/AML Program With Our Team
Tell us whether you need a new program, an enhancement, or remediation after a review. We support U.S. MSBs, fintechs, and payment businesses at any of those stages.
