The Florida Office of Financial Regulation examines each {{license_type}} licensee at minimum once every five years. Advanced Compliance Technology, Inc. maintains continuous examination readiness. Readiness is not limited to the period before a scheduled examination.
\nThe BSA/AML Compliance Officer maintains a Document Inventory organized by service line, location, record type, and date range. The inventory must be updated quarterly. Quarterly updates prevent gaps that examiners identify as systemic failures. The inventory covers customer identification files, transaction records, CTR filings, SAR filings, OFAC screening and blocking logs, monitoring documentation, agent audit records, prior examination findings and remediation evidence, and staff training acknowledgments. When the OFR issues a document request, Advanced Compliance Technology, Inc. must produce all requested records within three business days. Timely production demonstrates operational control and prevents escalation of a routine request.
\nUpon receiving examination notice, the BSA/AML Compliance Officer conducts a pre-examination review. The review must cover six areas: customer identification file completeness; monitoring documentation including exception logs, escalation records, and SAR and CTR filings; OFAC screening logs including hit resolution records and blocking documentation; agent audit documentation including current delegate audit status; prior examination findings and remediation completion evidence; and the regulatory change file reflecting program updates adopted since the last examination. Before the examination begins, the BSA/AML Compliance Officer briefs all staff on examination expectations and proper response protocols. The briefing must communicate the CCO-only communication rule. Staff must not speak with examiners without the BSA/AML Compliance Officer's presence or express authorization. Uncontrolled staff communications can produce inconsistent statements that examiners may treat as compliance failures.
\nThe BSA/AML Compliance Officer is Advanced Compliance Technology, Inc.'s sole designated examination coordinator. No staff member, officer, or owner communicates directly with OFR examiners about examination matters. All examiner contact requires the BSA/AML Compliance Officer's presence or prior express authorization. Direct staff contact bypasses the compliance function and creates unmanaged examination risk.
\nWithin five business days of receiving examination findings, the BSA/AML Compliance Officer delivers a written summary to the owner or principal. The summary must cover all findings and OFR observations. For each finding, Advanced Compliance Technology, Inc. prepares a written Corrective Action Plan. Each plan must specify: the finding and its root cause; corrective action steps and responsible parties; the target completion date; and evidence of completion. The BSA/AML Compliance Officer reports corrective action status to the owner or principal quarterly. Reporting continues until all findings are resolved and remediation is documented. Documented remediation is the only proof that a finding is closed.
\nOFR enforcement remedies include administrative penalties, license denial, license suspension, license revocation, cease and desist orders, restitution orders, and removal of a control person from the business. Administrative penalties range from $1,000 to $10,000 per violation. A graduated sanction schedule applies: a first offense results in a fine of $1,000–$3,500 and a 3–10 day suspension; a second offense results in a fine of $3,500–$7,500 and a 10–20 day suspension; a third or subsequent offense results in a fine of $7,500–$10,000 and a 20–30 day suspension, with revocation possible. Advanced Compliance Technology, Inc.'s maintained document inventory, trained staff, and defined escalation structure are the primary mechanisms for avoiding these outcomes.
", "narration_text": "The Florida Office of Financial Regulation examines each {{license_type}} licensee at minimum once every five years. Advanced Compliance Technology, Inc. maintains continuous examination readiness. Readiness is not limited to the period before a scheduled examination.\r\n\r\nThe BSA/AML Compliance Officer maintains a Document Inventory organized by service line, location, record type, and date range. The inventory must be updated quarterly. Quarterly updates prevent gaps that examiners identify as systemic failures. The inventory covers customer identification files, transaction records, CTR filings, SAR filings, OFAC screening and blocking logs, monitoring documentation, agent audit records, prior examination findings and remediation evidence, and staff training acknowledgments. When the OFR issues a document request, Advanced Compliance Technology, Inc. must produce all requested records within three business days. Timely production demonstrates operational control and prevents escalation of a routine request.\r\n\r\nUpon receiving examination notice, the BSA/AML Compliance Officer conducts a pre-examination review. The review must cover six areas: customer identification file completeness; monitoring documentation including exception logs, escalation records, and SAR and CTR filings; OFAC screening logs including hit resolution records and blocking documentation; agent audit documentation including current delegate audit status; prior examination findings and remediation completion evidence; and the regulatory change file reflecting program updates adopted since the last examination. Before the examination begins, the BSA/AML Compliance Officer briefs all staff on examination expectations and proper response protocols. The briefing must communicate the CCO-only communication rule. Staff must not speak with examiners without the BSA/AML Compliance Officer's presence or express authorization. Uncontrolled staff communications can produce inconsistent statements that examiners may treat as compliance failures.\r\n\r\nThe BSA/AML Compliance Officer is Advanced Compliance Technology, Inc.'s sole designated examination coordinator. No staff member, officer, or owner communicates directly with OFR examiners about examination matters. All examiner contact requires the BSA/AML Compliance Officer's presence or prior express authorization. Direct staff contact bypasses the compliance function and creates unmanaged examination risk.\r\n\r\nWithin five business days of receiving examination findings, the BSA/AML Compliance Officer delivers a written summary to the owner or principal. The summary must cover all findings and OFR observations. For each finding, Advanced Compliance Technology, Inc. prepares a written Corrective Action Plan. Each plan must specify: the finding and its root cause; corrective action steps and responsible parties; the target completion date; and evidence of completion. The BSA/AML Compliance Officer reports corrective action status to the owner or principal quarterly. Reporting continues until all findings are resolved and remediation is documented. Documented remediation is the only proof that a finding is closed.\r\n\r\nOFR enforcement remedies include administrative penalties, license denial, license suspension, license revocation, cease and desist orders, restitution orders, and removal of a control person from the business. Administrative penalties range from $1,000 to $10,000 per violation. A graduated sanction schedule applies: a first offense results in a fine of $1,000–$3,500 and a 3–10 day suspension; a second offense results in a fine of $3,500–$7,500 and a 10–20 day suspension; a third or subsequent offense results in a fine of $7,500–$10,000 and a 20–30 day suspension, with revocation possible. Advanced Compliance Technology, Inc.'s maintained document inventory, trained staff, and defined escalation structure are the primary mechanisms for avoiding these outcomes." }