Specialized Solutions for Savings and Loan Associations’ Compliance Management

We offer a comprehensive set of risk and compliance solutions tailored to a variety of savings and loan associations' compliance obligations. We can help you comply with savings and loan associations' (a.k.a. thrifts) regulations in a commercially oriented and goal-focused manner, providing a tailored approach to thrifts' compliance management with regard to your specific circumstances, including:

• Your commercial objectives
• Your savings and lending products
• Your business goals
• Your technology and human resources
• Your risk appetite
• Your governance structure
• Your client demographics
• Your local compliance specifics, the US federal and state laws and relevant savings and loan associations' licensing requirements and regulations, including key aspects such as outsourced providers' monitoring, compliance training, risk management, audit, and assurance. 
• Any related compliance obligations, including, but not limited to, savings and loan associations' obligations under privacy laws, anti-money laundering and counter-terrorist financing (AML/CFT) laws, fair trading laws, and more.
• Savings and loan associations' compliance assurance obligations, including internal control design and testing, implementation of compliance calendars, management plans, compliance assurance programs and other second and third-line compliance requirements.
• Specific operational compliance requirements for savings and loan associations, including but not limited to:
  • Client due diligence and onboarding
  • Surveillance and monitoring
  • Recordkeeping
  • Compliance with the OCC savings and loan regulations
  • Conflict of interest management
  • Regulatory technology (RegTech) integration
  • Internal reporting
  • External reporting
  • Transaction execution
  • Regulatory Filings

 

 

What Jurisdictions Do Our Compliance Solutions Cover?

This page is dedicated to United States Savings and Loan Associations Compliance Solutions. Deposit-taking institutions in the United States are regulated by the Office of the Comptroller of the Currency (OCC) under the Home Owners' Loan Act, apart from the OCC Regulations' compliance solutions and OCC compliance requirements management. Beyond the USA, our compliance solutions for savings and loan associations extend across major financial markets and cover savings and loan associations' regulations and licensing requirements in the following jurisdictions:

• Australia: Where Savings and Loan Associations are classified as Authorized Deposit-taking Institutions (ADIs) and regulated by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959. For more information about our compliance solutions for Australian ADIs, visit our ADIs' compliance solutions page.
• Singapore: Where Savings and Loan Associations are regulated by the Monetary Authority of Singapore (MAS) under the Finance Companies Act. For more information about our compliance solutions for Singapore Finance Companies, visit our Finance Companies compliance solutions page.
• United Kingdom: Where Savings and Loan Associations operate as Building Societies and are regulated under the Building Societies Act 1986. For more information about our compliance solutions for UK Building Societies, visit our Building Societies compliance solutions page.
• New Zealand: Where Savings and Loan Associations are regulated as Non-Bank Deposit Takers (NBDTs) and supervised by the Reserve Bank of New Zealand (RBNZ) under the Deposit Takers Act 2023. For more information about our compliance solutions for New Zealand NBDTs, visit our NBDTs' compliance solutions page.
• Offshore Financial Centers, including:
• Cayman Islands: Where Savings and Loan Associations may operate under a Banking License issued by the Cayman Islands Monetary Authority (CIMA) under the Banks and Trust Companies Law.
• Bermuda: Where Savings and Loan Associations can be licensed under the Banks and Deposit Companies Act 1999, overseen by the Bermuda Monetary Authority (BMA).
• British Virgin Islands (BVI): Where Savings and Loan Associations providing deposit-taking services are regulated under the Banks and Trust Companies Act 1990 by the British Virgin Islands Financial Services Commission (BVI FSC).
• Other offshore financial centres.

 

 

What types of Savings and Loan Associations Do We Support?

Our savings and loan associations' compliance solutions cover the following types of financial institutions:

• Savings and Loan Associations
• Mortgage Lenders
• Consumer Finance Companies
• Credit Unions
• Community Banks
• Mutual Savings Banks
• Building Societies
• Cooperative Banks
• State-Chartered Savings Associations
• Deposit-Taking Finance Companies
• Community Development Financial Institutions (CDFIs)

 

Savings and Loan Associations’ Compliance Advisory

Our focus areas include:

• Detailed Compliance Advice: Covering thrifts' compliance management issues across the first, second, and third lines, as well as matters related to effective compliance with financial markets regulations and savings and loan associations' licensing requirements.
• Banking Relationships Advice: On risk and compliance issues related to managing and expanding relationships with banks, liquidity providers, and other financial institutions to help you meet their risk appetite requirements, anti-money laundering and counter-terrorist financing requirements, fraud prevention and recall volume expectations, and other compliance-related and operational standards.
• Operational AML Advice: Advising support, onboarding, KYC, operating and other teams on the day-to-day onboarding and support queue management, effective AML/CFT resource allocations, and operational improvements, helping you maintain the overall customer experience and efficiency while remaining compliant with savings and loan associations' AML/CFT requirements.
• Operational Compliance Advice: Advising compliance, management, technology, and support teams on the day-to-day compliance with savings and loan associations' regulations, focusing on internal processes and critical internal controls for effective thrifts' compliance management.
• Risk Management Advice: Covering risk rating and methodologies, risk assessments, management, and mitigation for various risk types faced by savings and loan associations, including regulatory, ML/TF, fraud, data protection, and operational risks. We help you safeguard against potential compliance breaches and comply with risk management obligations under savings and loan associations' licensing requirements and other applicable laws and regulations.
• Compliance Framework Advice: To help you create or enhance your compliance management framework, identify gaps and areas of improvement, meet the savings and loan associations' compliance obligations effectively, improve internal governance and reporting, and optimize them for market expansion and growth.
• Savings and Loan Associations' Licensing Advice: We can guide you through the licensing process, help you apply regulations to your specific circumstances and business environment, and meet savings and loan associations' licensing requirements to become licensed or maintain it.
• Peer Benchmarking and Best Practices: We can help you benchmark your compliance practices against peers and applicable regulatory compliance guidance, identify areas for improvement and adopt best practices for enhanced compliance.
• Government Agencies Liaison Advice: We provide strategic guidance to senior management and compliance teams on maintaining and managing relationships with external bodies, including regulators, AML/CTF supervisors and law enforcement agencies, focusing on long-term compliance strategies and proactive engagement.
• Specific Savings and Loan Associations' Compliance Issues: We can help you resolve specific risk or compliance issues related to savings and loan associations' regulations and compliance obligations, including but not limited to external audits and reviews, reporting, oversight, difficult clients or transactions, expansion challenges, compliance management issues, process optimization, regulatory challenges you may encounter and more.
• Further information: You can visit our Regulatory Compliance Consulting Solutions page for a comprehensive list of advisory services we offer to savings and loan associations and other licensed financial institutions, financial services providers, and regulated businesses.

 

 

Reporting and Regulatory Liaison Solutions for Thrifts’ Compliance

• Regulator Liaison Management: Providing operational guidance to senior management and compliance teams on managing relationships with regulators, AML/CFT supervisors, police bodies, privacy commissioners, and other government entities. This includes handling requests for information, responding to ad-hoc regulatory inquiries, managing findings from audits and investigations, managing compliance with reporting obligations for savings and loan associations and more.
• Board and Committee Reporting: Facilitating structured reporting workflows for various committees and board delegates, including risk, compliance, and audit committees, focusing on your current compliance status, deviations from your risk appetite, changes in risk ratings and any operational compliance updates to ensure that governance structures are well-informed and aligned with compliance management practices.
• Compliance Performance Metrics: Developing and presenting comprehensive compliance performance metrics to the board or relevant committees, offering insights into your compliance effectiveness and identifying points for improvement in key compliance areas, including compliance training, fraud prevention, compliance monitoring, risk rating and assessment, controls effectiveness, adherence to your compliance calendar, regulatory technology (RegTech) performance, and more.
• Internal Audit Reporting: We can help you increase the effectiveness of the internal audit to make its findings reflect your actual performance against the savings and loan associations' compliance obligations. This includes developing tailored methodologies for the auditors, preparing the necessary audit evidence and reviewing audit results. The goal is to ensure that audit procedures and outcomes directly contribute to maintaining and enhancing your compliance status and internal controls' effectiveness.
• AML/CFT Reporting Compliance:  We help with the implementation of effective AML/CFT reporting processes, aligning with specific anti-money laundering regulations for internal oversight and prompt escalation of critical AML issues within your business to help the management receive a clear overview of your AML/CFT compliance status.
• Transactional Reporting: Implementing effective transactional reporting procedures to help with thrifts' compliance management of reporting obligations under various laws and regulations, including submitting SAR, SMR, STR, PTR, TTR, specific reportable matters under the savings and loan associations' licensing requirements and other externally reportable transactions and activities.
• Internal Quality Assurance Reporting: While second-line control testing is crucial for complying with savings and loan associations' regulations, including savings and loan associations' licensing requirements, first-line quality assurance results are equally important for effective risk and compliance management. We help organize effective reporting lines, tailor reporting content to your specific circumstances, products, and team size, and establish a structured approach to responding to reporting outcomes.

 

 

Comprehensive Compliance Management Solution for S&L Associations

Our compliance management services include, but are not limited to, the following:

• Thrifts' Compliance Management Leadership: We act as your Compliance Leads and Compliance Managers, fully managing compliance obligations under the applicable savings and loan associations' licensing requirements, laws, regulations, industry codes, and regulatory guidance.
• Second-Line Compliance Management: We offer a full range of second-line compliance assurance solutions, including internal controls testing for operational, compliance, marketing, legal and other risks, as well as managing issue closure control testing and more.
• Supporting the Board in Strategic Compliance Management: Advising on the necessary compliance resourcing, budget, tools, role structuring, and compliance functions' structure to support your specific business objectives within your risk appetite and risk management framework.
• Compliance Project Management: Effectively coordinating between senior management, committees, legal advisers, risk and compliance functions, outsourced providers, and different departments, including product development, technology, customer support, operations, assurance, marketing, and others, to help you successfully implement compliance projects across the business.
• Customized Governance Solutions: Tailoring governance frameworks and mechanisms to fit your specific governance structure and effectively comply with savings and loan associations' regulations and other applicable obligations. Whether your business is locally oriented, a start-up, undergoing expansion, part of a multinational group, has a listed parent company or is undergoing restructuring, we tailor the oversight of thrifts' compliance management to your business case.
• Stakeholder Management and Reporting: Reporting to the board, committees, shareholders, regulators and other stakeholders. Providing management and the board with comprehensive compliance reports that cover your compliance with savings and loan associations' compliance obligations, regulatory development summary, compliance-related data and statistics, internal controls testing outcomes and more. Also covering the status of your specific compliance-related projects and compliance goals, relevant compliance KPIs, and more.
• Compliance Calendar Implementation: We design and implement compliance management programs and calendars, covering such areas of savings and loan associations' compliance obligations as policy and key document reviews, control testing, risk assessment and reviews, vendor reviewers, user system access reviews, assurance activities and more.
• Managing Customer Onboarding and Due Diligence: Implementing commercially oriented and compliant processes for KYC information collecting, Know Your Business (KYB), ML/TF risk assessment, PEP and Sanctions screening, CDD and EDD, especially for higher ML/TF risk clients, to help you comply with AML/CFT compliance obligations for savings and loan associations.
• AML Transaction Monitoring and Reporting: Developing and implementing a set of business-specific ML/TF alerts and red flags to detect and report suspicious transactions to comply with the savings and loan associations' AML requirements without making AML/CFT compliance a hindrance to business.
• Information Requests and AML/KYC Data Sharing: Handling information requests from law enforcement agencies, AML/CTF supervisors, and other relevant AML/CTF designated entities, such as your banking partners and other essential service providers (liquidity providers, finance providers, etc.), ensuring that you are fully supported in all AML/CTF compliance-related communications.
• Business Expansion Support: Providing support for your business expansion objectives, recognizing and assessing new risks, developing and implementing controls and mitigations for them, as well as addressing new compliance obligations and putting in place practical tools and systems to manage them.
• Savings and Loan Associations' Operational Compliance: Including but not limited to:
  • On-the-Ground Compliance: Conducting compliance management meetings, organizing routine and ad hoc compliance reporting, overseeing mitigations and controls testing, leading adjustments and enhancements to your internal controls and protocols when required.
  • Compliance Process and Operations Building: Developing effective and compliant procedures and processes to implement your policies, support your operations across different teams and mitigate operational, regulatory and other risks.
  • Outsourced Provider Performance Monitoring: Setting up initial due diligence and ongoing review frameworks for your outsourced providers to help you meet the required service standards for outsourcing under various savings and loan associations' compliance obligations, including savings and loan associations' licensing requirements.
  • Incident Management and Reporting: We can help you set up effective processes for incident reporting, escalations, and management at different levels of your business.

 

Savings and Loan Associations’ Compliance Assurance 

Our services include:

• Compliance Assurance Programs:  We can design and implement your compliance assurance program to maintain enhanced oversight of your compliance with both savings and loan associations' regulations and your internal compliance and risk appetite thresholds.
• Organisation-Wide Risk Assessments: Helping you focus on the specific risks faced by your business, considering its size, products, client types, jurisdictions of operation, delivery channels, financial institutions you interact with, available technology, and other tools. This includes assessing available mitigations, controls, their effectiveness, residual risk ratings, and the plan to move forward.
• Internal Controls Design: We can develop internal controls for various risk types, including regulatory, fraud, operational, strategic, financial, and other risks. Please visit our Internal Controls Design page for more information. 
• Assurance Testing: We conduct assurance testing to verify that the business complies with its policies, procedures, and savings and loan associations' compliance obligations, including savings and loan associations' licensing requirements. We also assess whether your internal controls effectively mitigate existing risks, including those required to be monitored under the applicable savings and loan associations' regulations. This process includes a compliance controls testing report and, if necessary, a gap analysis.
• Compliance Quality Assurance: We go beyond merely meeting regulatory requirements. We focus on evaluating and enhancing your risk and compliance management processes to ensure they align with your current and future goals, business model, your risk analysis, your current client inflow, and more. We also suggest which compliance processes you can use to meet your goals. Here is an example of this service in the AML/CFT area.
• Assurance Reporting: Compiling testing findings and issuing comprehensive compliance assurance reports, which include:

• Identification of any deficiencies or control weaknesses, with clear explanations and potential root cause analysis.
• Recommendations for corrective actions to address identified issues and enhance compliance effectiveness.
• Evaluation of the overall effectiveness of your internal controls and regulatory compliance monitoring program against your desired assurance level.

• Regulatory Inspection Readiness: We can help your business prepare for external audits and regulatory inspections, reducing the risk of adverse findings related to savings and loan associations' compliance obligations. This includes conducting mock inspections to identify gaps, reviewing documentation and record-keeping practices to ensure all relevant materials are well-organized and readily accessible, and training staff on their roles in the inspection process. We assist in identifying any missing information and weak points, provide interview preparation, and more to ensure readiness for auditor or regulator review.
• Further information: You can visit our Compliance Assurance Solutions page for more information on our third-line compliance assurance review solutions.

 

Compliance Remediation Solutions

Our focus areas include:

• Compliance Remediation Advice: Assisting savings and loan associations in effectively addressing and rectifying compliance issues, from minor breaches to significant regulatory challenges, including warnings and action plans.
• Remediation Plan Development: Following the independent review, we assist in analyzing the findings to identify necessary remedial actions. We then support savings and loan associations in devising a detailed plan outlining these actions for submission to your regulator or an AML/CFT supervisor, ensuring the plan is both actionable and compliant with regulatory expectations.
• Remediation Plan Commitment: We help savings and loan associations complete their remediation plans and prevent non-compliance recurrence.
• Executive Attestation Support: Our services include assisting senior executives in preparing the required attestations to your regulator. This involves confirming that all necessary remedial actions have been undertaken and adequate compliance measures are in place, supported by comprehensive documentation and evidence. This option covers assistance with the removal of any licensing restrictions.
• Further Information: For more information, you can visit our Compliance Remediation Solutions page.

 

 

Internal Controls Testing and Thrifts’ Compliance Management

When it comes to reality versus a nice policy or procedure with nothing else to show for it, it's often a case where a policy says A, but reality says B. One might ask, why didn't we test our internal controls before? Or, why didn't we do it properly? There's nothing worse than faking compliance instead of actually doing it.

Our second line of compliance defence solutions covers the development, testing, and enhancement of a wide range of controls to ensure compliance with various laws and regulations governing savings and loan associations' compliance obligations.

We go beyond merely quoting savings and loan associations' regulations or a selection of licensing requirements, then adding Excel sheets painted in different colours as a supposed source of truth with nothing to show for it.

• We test them.
• We link them to your risk appetite and core risk management documentation.
• We provide relevant suggestions and analysis tailored to your business.

Some of our focus areas for testing the savings and loan associations' compliance requirements include:

 

Regulatory Compliance and Licensing Controls

• Compliance Management: Savings and loan associations should have robust compliance management systems, including conflict of interest management and staff training, to meet OCC regulations.
• Liquidity Management: Savings and loan associations are expected to maintain sufficient liquidity to meet operational needs and withdrawal demands, aligning with OCC standards.
• Financial Stability Measures and Capital Adequacy: Savings and loan associations are expected to maintain adequate capital to cover operational and credit risks, particularly under the Home Owners' Loan Act.
• Financial Supervision and Financial Auditing: Savings and loan associations are expected to engage qualified auditors who conduct regular financial audits to validate financial health and regulatory compliance.
• Cross-Border Application of Regulations: Entities subject to the OCC savings and loan associations should adhere to international banking regulations and standards when offering services in multiple jurisdictions.

 

Operational Oversight Controls

• Outsourcing Oversight: Savings and loan associations should control third-party services for technology, payment processing, or customer support to comply with regulatory standards.
• Risk Management: Entities subject to the OCC Savings and Loan regulation should identify and mitigate financial, operational, and cybersecurity risks, aligning with guidelines from regulatory bodies like the OCC.
• Governance Arrangements: Entities subject to the OCC Savings and Loan regulation should establish effective management structures and decision-making processes to comply with governance standards set by authorities like the OCC.
• Senior Management Accountability: Savings and loan associations should assign specific responsibilities to senior management to ensure accountability for compliance and risk management practices.
• Operational Resilience: Entities subject to OCC savings and loan regulation are expected to ensure the continuity of banking operations, adhering to resilience standards set by regulatory bodies.
• Technology Risk Management: Savings and loan associations should manage the risks associated with digital banking platforms, including data security, system reliability, and protection against cyber threats.

 

Market Integrity and Transparency Controls

• Market Conduct Standards: Entities subject to the OCC savings and loan regulations should ensure fair and transparent banking practices, particularly in customer interactions, product offerings, and advertising.
• Fair Dealing Principles: Savings and loan associations are expected to guarantee fair treatment of customers, offering transparent terms and conditions, especially for loan products and deposit services.
• Conduct and Disclosure Standards: Entities subject to the OCC savings and loan regulation should maintain high standards of conduct and ensure clear, effective disclosures to customers.
• Service Provision Standards: Entities subject to the OCC savings and loan regulation should provide banking services efficiently, honestly, and fairly.
• Client Asset Protection: Savings and loan associations are expected to safeguard client funds and ensure they are segregated from the bank's operational funds, in compliance with regulatory requirements.

 

Resource Management Controls

• Resource Adequacy: Entities subject to the OCC savings and loan associations' regulation should maintain adequate financial, technological, and human resources to support effective operations and regulatory compliance.
• Professional Competence: Savings and loan associations are expected to ensure that staff, particularly those in risk management, compliance, and customer service, possess the necessary skills and knowledge to fulfill their roles effectively.

 

Reporting Controls

• Regulatory Reporting: Entities subject to the OCC savings and loan associations; regulation should report operational, financial, and compliance information to regulatory bodies, ensuring transparency and adherence to regulatory standards.
• Record-Keeping: Savings and Loan Associations should maintain accurate and accessible records of customer transactions, account information, and compliance efforts, facilitating audits and regulatory reviews.

 

Tranzactional Controls

• Authorization and Verification Procedures: Entities subject to the OCC savings and loan associations' regulation should verify customer identities and transactions, aligning with AML/KYC regulations.
• Conflict of Interest in Transactions: Savings and Loan Associations should identify and manage potential conflicts of interest, ensuring decisions are made in the best interests of customers.

 

Product and Service Management Controls

• Product Suitability: Entities subject to the OCC savings and loan associations' regulations should ensure that banking products and services meet the needs of target customers and comply with regulatory standards regarding fairness and transparency.
• Product Lifecycle Oversight: Savings and loan associations are expected to manage the development, launch, and retirement of banking products, ensuring they remain compliant with changing regulations and market needs.
• Execution Quality: Entities subject to the OCC savings and loan associations' regulation should guarantee efficient and accurate processing of banking transactions, customer applications, and service requests.
• Data Protection and Privacy: Savings and loan associations should protect customer data in compliance with data protection regulations, ensuring customer trust and regulatory compliance.

 Savings and Loan Associations’ Licensing Requirements 

• Financial Licensing Application Support: We provide comprehensive support for a wide range of savings and loan associations' licensing applications, including:

• Financial services regulation (US) and State-Specific Licensing for Savings and Loan Associations: We help you navigate through the regulatory requirements and assist with obtaining charters from state authorities and the Office of the Comptroller of the Currency (OCC) under the Home Owners' Loan Act. We also ensure compliance with the Bank Secrecy Act (BSA) and AML obligations supervised by FinCEN.
• ADI License in Australia We assist in obtaining an Australian ADI license (being a Savings and Loan Associations License equivalent) meeting the Australian Prudential Regulation Authority's (APRA) licensing criteria under the Banking Act 1959.
• Singapore Finance Company License: We assist Savings and Loan Associations in obtaining a Finance Company License from the Monetary Authority of Singapore (MAS) under the Finance Companies Act.
• UK Building Society Authorization:  We can assist in obtaining a Building Society Authorization from the Prudential Regulation Authority (PRA) under the Building Societies Act 1986.
• New Zealand NBDT License: We can guide you through the application process for the local Savings and Loan Associations License license equivalent (Non-Bank Deposit Takers License) under the Reserve Bank of New Zealand's (RBNZ) Deposit Takers Act 2023.
• Cayman Islands Banking License: We provide tailored guidance for obtaining a Banking License from the Cayman Islands Monetary Authority (CIMA) under the Banks and Trust Companies Law.
• Bermuda Digital Banking License: We assist in obtaining a Digital Banking License from the Bermuda Monetary Authority (BMA) under the Banks and Deposit Companies Act 1999.
• BVI Non-Bank Deposit Taker License: We offer comprehensive support for securing a Non-Bank Deposit Taker License in the British Virgin Islands under the Banks and Trust Companies Act 1990.

• International Governance Alignment: We provide strategic advice on aligning governance models for savings and loan associations operating across multiple jurisdictions to meet diverse regulatory expectations while maintaining operational efficiency and regulatory compliance.

 

Policies and Procedures for Thrifts’ Compliance Management

• Compliance Policies and Core Documents: We develop, enhance, and implement a set of core policies, manuals, frameworks, and procedures for effective thrifts' compliance management.
• Effective Procedures for Thrifts' Compliance Management: We draft and enhance a detailed set of procedures and protocols to meet the distinct needs of your business, focusing on efficient compliance, your business goals, and applicable savings and loan associations' compliance requirements.
• Examples: These policies and procedures include, but are not limited to:

 

Operational Compliance

• Compliance Management Frameworks
• Compliance Monitoring Programs
• Compliance Calendars and Checklists
• Complaints Handling and Dispute Resolution Policies
• Compliance Training Manuals and Programs, as part of our regulatory compliance training solutions
• Obligation Registers
• Depositor Compensation Scheme Policy
• Incident Reporting Policies and Procedures
• Outsourcing Policies and Vendor Risk Management policies as part of our outsourced provider's compliance management solutions
• New Client Account Opening Policies and Procedures, as part of our customer onboarding solutions

 

Governance and Oversight

• Board Charters, Risk, Audit and Compliance Committee Charters, as part of our corporate governance solutions
• Codes of Conduct
• Delegations Registers
• HR Manuals and Policies
• ESG Compliance Policies
• Conflict of Interest Policies

 

Risk Management

• Risk Management Frameworks as part of our risk management solutions
• Risk Assessment Guidelines and Methodologies
• Internal Control Testing Methodologies
• Risk Registers and specialized risk registers like Health and Safety Risk Registers
• Cybersecurity Risk Management Policies

 

Audit and Assurance

• Compliance Assurance Programs as part of our compliance assurance solutions
• Internal Audit Policies and Programs as part of our internal control testing solutions
• Regulatory Reporting Procedures

 

Client and Market Conduct

• Marketing and Advertising Policies
• Fair Dealing Policies
• Deposit Interest Rate Policy and Procedures
• Product Pricing and Disclosure Policies
• Truth in Savings Act (TISA) Policies

 

AML/CFT and Financial Crime Compliance

• AML/CFT Compliance Programs
• AML/CFT Risk Assessment
• Whistleblowing Policies
• Sanctions Compliance policies and procedures
• Fraud Prevention Protocols and Controls as part of our fraud prevention solutions
• ABC Policies

 

Privacy and Data Management

• Client Data Protection Policies
• Record-keeping Policies and Procedures and/or Data Governance Policies as part of our record-keeping compliance solution
• External Privacy Policies
• Internal Data Protection Compliance Programs

 

 

Compliance Training and Capacity Building

We focus on practical compliance and the application of training to real-world compliance scenarios and challenges that savings and loan associations generally face. Our services include:

• Customized Compliance Training Solutions: Specialized compliance training sessions for various teams, including management, compliance, operations, sales, and customer relations, focusing on savings and loan associations' regulations, applying thrifts ' compliance management practices to your circumstances, risk awareness, and more.
• Up-to-date Regulatory Compliance Updates:  Keeping compliance officers, managers, CROs, COOs, and other Risk and Compliance team members informed of changes in savings and loan associations' licensing requirements and regulations, AML/CFT updates, and changes in regulatory guidance.
• Data Analysis for Effective Compliance Monitoring: Covering training on compliance-related, data-based analysis and its results, including risk rating, internal control adjustments, resource and focus reallocation, and more.
• Workshops on Emerging AML Trends and Red Flags: Updating on the new AML trends, red flags, typologies, and AML/CFT requirements for savings and loan associations. For more information, please visit our AML/CFT Training Solutions page.
• Practical Workshops: Interactive workshops focused on effective and goal-oriented savings and loan associations' compliance, capacity planning, and resource allocation, covering:

• Savings and Loan Associations' regulations
• Internal and external compliance reporting
• Effective governance over risk and compliance functions
• Organization-wide risk assessment, risk rating methodologies and the development, management, and testing of corresponding internal controls, including controls testing methodologies and practical techniques.
• Savings and Loan Associations' compliance reality, including outsourced provider monitoring, UAV management, incident management, product suitability assessments, advertising and marketing compliance, improvements in the client onboarding journey, transaction monitoring processes, and more.

• Further information: You can visit our Compliance Training Solutions page for more information on the compliance training services we offer to licensed financial institutions and financial service providers.

 

Thirfts’ Compliance Management and AML/CTF Compliance

We offer a complete set of solutions covering savings and loan associations' anti-money laundering (AML), financial crime and counter-terrorism financing (CTF) compliance. Our solutions include:

• Customer due diligence, screening, and customer onboarding solutions
• Development of transaction monitoring frameworks tailored to savings and loan associations' specific ML/TF red flags and your business specifications
• AML advisory covering savings and loan associations' compliance issues and challenges
• Drafting, testing, and updating AML policies and procedures
• AML training and capacity building
• Managed AML compliance solutions for savings and loan associations
• Internal and statutory AML/CFT audit solutions for savings and loan associations
• Financial crime prevention framework development focusing on common fraud risks faced by thfits.
• For more information, please visit our specialized AML Compliance Solutions page for Thrifts

 

Savings and Loan Associations’ Compliance Technology Integration

Our services cover compliance aspects concerning the integration of technology for risk and compliance e-management, transactional reporting (where applicable), usage of AI, technology outsourcing, and compliance aspects of third-party risk management for savings and loan associations, including:

• Needs Assessment
• Compliance Technology Selection: Based on your budget, products, available operational and technical resources, and the applicable savings and loan associations' compliance obligations
• Implementation assistance across the organization
• Streamlining operational workflows: For routine compliance tasks like data collection, reporting, and risk assessments
• AML/CFT Compliance Technology: Covering customer digital onboarding, E-KYC, PEP and sanctions screening, transaction monitoring, etc.
• Integration of savings and loan associations' compliance obligations into an effective CRM system
• Record-Keeping Obligations: Helping you choose and integrate the necessary tools to comply with the record-keeping requirements under various laws and savings and loan associations' regulations

 

Data Management and Information Privacy Solutions

• Data Governance and Compliance:  Assisting savings and loan associations in establishing robust data governance procedures, programs, and protocols that align data collection, storage, and usage practices with relevant data privacy regulations, such as GDPR, CCPA, and other applicable laws. These measures safeguard sensitive client and business information from unauthorized access, breaches, and misuse.
• Privacy Policy Compliance Monitoring: Helping you implement privacy policies that reflect the latest data protection legislation, supported by continuous compliance monitoring tools to maintain the highest data privacy standards.
• Record Maintenance Protocols:  We assist in developing and implementing effective procedures for maintaining necessary records, covering savings and loan associations' compliance with applicable regulatory reporting standards and reporting requirements.
• Record Availability and Inspection Readiness:  Savings and Loan Associations' regulations often require records to be readily available for inspection by regulators, AML/CFT supervisors, tax agencies, and other relevant authorities. This extends to information kept by your outsourced service providers. We help you organize your record-keeping processes to meet these needs.

 

ISO Standards and Savings and Loan Associations’ Compliance

• Cross-Reference Mapping: Integrating ISO standards such as ISO 27001, ISO 9001, and ISO 22301 into an existing compliance framework and linking specific sections of ISO standards to corresponding procedures in your internal policies and procedures.
• Pre-Audit Preparation: Coordinating ISO controls testing across different parts of the business.
• Leading evidence collection across the different departments to cover relevant compliance areas such as planning, governance, organizational controls, operational controls, technological controls, and physical controls through structured workflows.
• Digital Compliance Repository: Helping you utilize a centralized digital repository for storing all compliance-related documents and evidence, making it easily accessible for audit purposes and compliance verification.
• ISO Audit Liaison:  Acting as a liaison between your team and the auditors, coordinating information requests, and ensuring all the necessary documentation is readily available.
• Post-Audit Remediation Management: We can lead the implementation of your remediation plan and support corrective actions to address all audit findings effectively.

 

Regulatory Change Management Solutions

Empower Your Business with Proactive Regulatory Change Management:

• Stay Ahead of the Curve:  We actively monitor regulatory updates from global financial authorities like MAS, ASIC, FMA, FCA, SEC, and other regulators for savings and loan associations' compliance changes and updates to evaluate the implications of regulatory changes.
• Impact Assessment and Mitigation Strategies: We analyze the potential impact of regulatory changes on thrifts' compliance management frameworks and operational processes. We then collaborate with you to develop effective mitigation strategies that support continued compliance and minimize disruption.
• Seamless Implementation and Change Management:  We guide savings and loan associations through necessary process adjustments, update internal policies and procedures, facilitate a smooth transition through regulatory changes, and assist with effective communication with impacted stakeholders.