Corporate Trustees allocate resources (internally and externally), time, and effort to adhere with  fiduciary compliance requirements including AML/BSA.  The risks are high, and penalties for noncompliance can be steep.  We have seen both banks and trust organizations levied for fines lately due to noncompliance (over $3.2B in 2024).  Fiduciary examiners (national and state level) are requiring more due diligence on the AML/BSA Programs given the rise in uncertainty and continuing threat of terrorism and money laundering activities. So how is your AML/BSA Compliance Program performing? To go from good to great… read on!

Wealth management clients continue to accumulate unique or “hard-to-value” assets within fiduciary accounts contributing to their overall net worth. In a recent IRS study, the number of estate tax returns filed (Form 706) by high-net-worth taxpayers, illustrates that more than half of their estate portfolio composition consists of illiquid assets such as real estate, closely held businesses, and other asset classes. This trend will continue as unique assets are desirable for account holders. As a result, fiduciary organizations have aligned with the expertise (internal or external) to manage unique assets while trying to minimize their risk serving as Trustee. Are the controls you have in place “good enough”, or are there opportunities to #bebetter by looking at your unique asset portfolio through a different lens?