Business News
Eisner LLP To Aid Insurance Industry in Bank Secrecy Compliance
2008-07-30 08:00:00
Eisner LLP To Aid Insurance Industry in Bank Secrecy Compliance
New Practice Area Will Be Led by Eisner Principal Robert Goecks NEW YORK, July 30 /EMWNews/ -- Eisner LLP, one of the nation's leading accounting and advisory firms, announced today a new practice area that will focus on Bank Secrecy Act Compliance for the insurance industry. Robert Goecks, a Principal in Eisner's Litigation Consulting & Forensic Accounting Group, will head up the practice. "The Bank Secrecy Act now applies to insurance companies as well as banks and other financial service institutions," Mr. Goecks said. "Many insurance companies that fall under BSA requirements are not fully aware of the risks they now face or how best to mitigate them. Eisner LLP has created a special practice group to focus our BSA expertise on assisting these organizations in meeting their obligations." "The current global credit crises is driving demand for greater transparency in financial transactions and reporting consistency," Mr. Goecks added. "An unintended consequence of this demand for heightened transparency will likely be an increase in BSA expectations relating to insurance companies' risk assessments, transaction monitoring and sustaining compliant AML Programs in a complex and evolving regulatory environment." Mr. Goecks and his practice group have a variety of recommendations and strategies to help insurance companies comply with the Bank Secrecy Act and implement "sound practices." These include: -- Focused BSA/AML training for Boards of Directors and Senior Management. -- Observe the BSA/AML lessons learned from the depository and securities industries. -- Invest in integrated solutions that can deliver effective and efficient BSA compliance. -- Commit to annual testing of AML Compliance Programs by independent firms with demonstrated BSA expertise. Mr. Goecks completed a career as a Special Agent with IRS Criminal Investigations where he conducted and supervised money-laundering investigations. He spent a year as a Special Investigator of sales practice violations for the National Association of Securities Dealers (NASD) where he introduced AML training to NASD's District 10 in Manhattan. Mr. Goecks served as the Executive Director for AML compliance for the U.S. subsidiary of a Canadian bank for approximately three years, which included the 9/11 attack and the subsequent challenges of sustaining AML compliance during the bank's transition from Ground Zero. Immediately before joining Eisner LLP, Mr. Goecks served as the designated AML Compliance Officer for an established private bank/wealth management firm in Manhattan, where he helped the bank lift a Cease and Desist Order involving weaknesses in its AML program. He is a member of the Board of Directors of the New York State Society of CPAs and the founding Chair of its Anti-Money Laundering & Counter Terrorist Financing Committee. He is also on the Board of Trustees for the John Jay College Foundation, Inc. where he is Chair of the Audit Committee. Mr. Goecks holds an undergraduate degree in Accounting and an MBA with a concentration in Finance from the University of Texas at Arlington. Eisner LLP is one of the premier regional accounting and business advisory services firms in the Northeast and is ranked among the top firms in the United States. Eisner provides auditing, accounting and tax services, as well as corporate finance, litigation consulting and forensic accounting, information technology and other professional services to a broad range of clients, with a special focus on financial services; not-for-profit; law firms; sports, media, and entertainment; technology; health sciences; and real estate. Eisner works with businesses ranging from start-ups to Fortune 500 in size, including providing auditing services to approximately 80 public companies. Headquartered in New York City, with offices in New Jersey and Long Island, Eisner LLP serves companies throughout North America. As an independent member of Baker Tilly International, Eisner is helping clients worldwide. http://www.eisnerllp.com.
CONTACT: Doug Hesney/Vanessa Kitchen Dukas Public Relations (212) 704-7385 [email protected]/[email protected]
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