SmartSuite for the Financial Crime Compliance Officer

Customer due diligence and enhanced due diligence standards are policies with owners, review cycles and attestation, so the standard a front-line team applies is always the current approved version.

Potential sanctions matches escalate through a defined workflow with the reviewer, decision and rationale recorded, so an OFAC question about a release decision is answered from the record rather than from recollection.

AML training requirements and completions are tracked by role, with reminders for the overdue, so the training element of the program is evidenced for the examiner without a separate return.

The Internal Auditor's independent testing draws on the controls, evidence and case records you maintain in Compliance Assessments & Testing, so the test covers the program as it actually operates.

Where an alert concerns fraud as well as money laundering, the case links to the Fraud Risk Manager's investigation, so one record carries the evidence and both programs see the outcome.

Findings from FFIEC examinations and regulator requests logged in Regulatory Inquiries become actions with owners and due dates, so the Regulatory Affairs Manager and you can show the examiner what has closed.

The financial crime risk assessment carries KRIs with tolerance thresholds in Enterprise Risk Management (ERM), so a shift in exposure by product, geography or channel reaches you as an alert rather than at the annual refresh.

The AI Assistant in a SmartDoc field drafts board-level updates and compliance narratives from case metrics, testing results and open findings, so the report to the Chief Compliance Officer starts from the data rather than a template.

Granular permissions and activity logs keep SAR decisions and investigations visible only to those who need them, as SAR confidentiality requires, while the record stays complete for the examiner.

Chief Compliance Officer

The Financial Crime Compliance Officer, often the BSA/AML Officer, owns the program that prevents money laundering, sanctions breaches and terrorist financing: the enterprise financial crime risk assessment, customer due diligence and enhanced due diligence standards, oversight of transaction monitoring, alert handling and case investigation, suspicious activity reporting and regulator engagement, sanctions screening and escalation, AML training and the coordination of independent testing. They report program effectiveness to the board. The Bank Secrecy Act, FinCEN's rules and the FFIEC examination manual define what that program must contain.

Enterprise Risk Management (ERM) holds the financial crime risk assessment as a scored register by product, customer type, geography and channel, so the inherent and residual risk for each dimension is recorded with its rationale rather than in an annual document. When a new product launches or a geography changes, the affected entries are updated and the assessment stays current between the annual refreshes examiners expect. The Fraud Risk Manager maintains the fraud entries in the same register, so overlapping schemes are visible.

SmartSuite maps AML and sanctions obligations to controls and tracks the testing and evidence for examinations, with the obligations held in Control Framework & Regulatory Libraries and the tests run in Compliance Assessments & Testing. The Financial Crime Compliance Officer can show an examiner the control that satisfies each FinCEN, OFAC or FINRA Rule 3310 obligation, when it was last tested and the evidence. The Internal Auditor's independent testing draws on the same records, which is what the examination manual expects.

Issues Management holds escalated alerts, investigations and SAR decisions as records with owners, audit trails and role-based access, so each escalated alert becomes a record with its investigation steps, the decision to file or not file and the reasoning, visible only to the team assigned. The Compliance Analyst works the cases and the Financial Crime Compliance Officer reviews decisions from the same record. SmartSuite is the case and program record around your monitoring and screening systems rather than a replacement for them.

SmartSuite reports program metrics, open cases and examination findings to the board and regulators from the register, the control tests and the case records, so the Chief Compliance Officer and the board see alert and case volumes, time to decision, testing status and open examination findings from the live program. Regulatory Inquiries holds examiner requests and responses, with the Regulatory Affairs Manager and the General Counsel working in the same record. Findings from an examination are tracked to remediation with owners.

Load the current risk assessment by product, customer type, geography and channel, the obligation set for the regimes you are examined under and the control list with its testing calendar; open cases and examination findings can be loaded or started fresh. The first examination cycle run from SmartSuite gives the examiner the traceable record they look for. The Fraud Risk Manager, the Internal Auditor and the Compliance Analyst work in the same records, so independent testing and investigations draw on one source.