The strength of an AML compliance program is largely dependent on the effectiveness of an institution’s Financial Investigation Unit (FIU). Senior Management often hires Dominion to assess FIU operations and effectiveness.

Upon completion of an FIU Assessment Dominion will deliver a comprehensive written report of findings, describing in detail and with supporting information those areas where the FIU is operating effectively and those areas where the FIU could enhance its operations. Our recommendations, once implemented, will provide meaningful contributions to the FIU and the overall BSA/AML compliance program.

All recommendations are accompanied by descriptions on how they can best be implemented and the timing and effort necessary to implement each. In addition to the written report of findings and recommendations, we provide a grid of our findings on which we will risk rate those we believe are of a critical nature and those we believe are less critical to the long term sustained success of the FIU.

For banks ranging in asset size from $1 billion to more than $1 trillion, Dominion has assisted in building and/or enhancing Financial Investigation Units (FIUs). Implementing transaction monitoring systems, developing programs to identify and perform due diligence on high risk customers, designing monitoring programs, assisting in hiring staff, training, procedure development, SAR filing and department management – Dominion’s team has an unmatched record of success in creating and improving FIUs.

Transaction monitoring software is often plagued by the same problem; identifying far too many transactions that have little to no value to an investigator. Problem is, these low value alerts, often hundreds or thousands a month, become a hulking burden on the AML compliance program. Reducing low value alerts and zeroing in on those that are likely to identify suspicious activity is an expertise of Dominion. We have implemented optimization programs that have substantially reduced alerts that do not result in a SAR, saving clients considerable time and money and enabling them to focus their efforts on those things that matter most to maintaining AML compliance.

A new monitoring system, new monitoring scenarios, departures of key staff, and new expectations by regulators, are all examples of why some institutions find themselves in a situation where alert or investigation inventories grow and cannot be resolved in a timely manner.  Our team of investigators, quality control specialists and managers are without equal and so is our record of success in the area of AML staff augmentation.  Additionally, Dominion provides an option to each client: we can assist with staff augmentation on site at the client’s offices or remotely from Dominion’s offices.

The Dominion investigator training program prepares staff to better detect, analyze and report suspicious activity.  We have trained hundreds of investigators from small, mid-size and some of the largest banks in the world. Our training is designed so that AML managers will see immediate improvement in the quality of alert dispositions, investigations and SARs. The training is valuable for experienced investigators as well as those new to AML. Our curriculum focuses on how to identify suspicious activity, the role of regulators and auditors in reviewing case files, and common mistakes and weaknesses that make banks prone to criticism.

A core service Dominion offers is assisting clients with highly sensitive and complex money laundering investigations.  Examples include investigations involving alternative investment vehicles, complex layering schemes, networks of off offshore entities located in Bank Secrecy havens, ultra-high net worth individuals and, politically exposed persons.

Dominion is often hired to perform quality control reviews of completed AML alerts, cases, SARs, and due diligence reports.  The Dominion quality control process has a duel benefit:  1) ensuring compliance with bank policies, procedures, and regulatory expectations.  2) training analysts and investigators by providing constructive feedback and recommended approaches to rectify deficiencies.