AML and Financial Services
Anti-money laundering (“AML”) and financial crime investigations form the front line in the fight against terrorist financing, drug trafficking and tax evasion. Burns Risk Management, Inc. has provided compliance solutions for its clients by effectively and efficiently mitigating the risk its clients face on look-back engagements, correspondent banking reviews and due diligence engagements.
KYC – Due Diligence
Know your customer (“KYC”) guidelines are primarily used by banks to verify the identity of their customers. By understanding the clients’ banking activity and nature of their source and use of funds enables banks to mitigate risk they may face related to money laundering activity. Burns Risk Management, Inc. has assisted clients by ensuring customer KYC files are current and providing guidance related to counter-parties involving Politically Exposed Persons (“PEPs”) and shell companies.
Disaster Recovery/Construction Monitorships
Burns Risk Management, Inc. has assisted local governments in the prevention of fraud, waste and abuse during rebuilding efforts in post disaster recovery efforts. Burns Risk Management, Inc. has provided assistance to local governments in complying with regulatory requirements related to federal reimbursement.
Assisted clients in the banking industry resolve money laundering issues and other matters related to financial crime. Alerts are handled expeditiously and when appropriate, unusual activity has been escalated and reported to the appropriate authorities.
KYC – Due Diligence
Assisted clients in analyzing suspicious transactions and ensuring the KYC information on banking customers and counterparties are accurate. This is done to ensure the banking transactions flowing through the various types of bank accounts and are consistent with the specified account activity.
Disaster Recovery Construction Monitorships
Provide clients with onsite monitoring of construction crews rebuilding both residential and commercial real estate due to natural disasters. Provide analysis in the resolution of claims for local government.