Regulatory Compliance Consultant

Northport, NY


David Lutz

David Lutz

David Lutz

Success begins with "partnership", "collaboration", and "problem solving" through a diverse set of professional viewpoints. AML Advantage LLC is the advantage to "effectively challenge" your Anti-Money Laundering Compliance Program to meet regulatory expectations.

About David

David Lutz is an experienced Audit Manager at the Firm for the specialized area of Bank Secrecy Act/AML Compliance reviews. He is a Certified Anti-Money Laundering Specialist (“ACAMS”) and is involved in the assessment of the adequacy of client Customer Identification Program, Customer Due Diligence, Enhanced Due Diligence, Suspicious Activity Monitoring policies and procedures, and Office of Foreign Assets Control programs.

Mr. Lutz has extensive experience in performing detailed testing of clients Anti-Money Laundering Program. This process involves a comprehensive independent assessment of client customer activities to determine if potential suspicious activity went unidentified by the Bank. He has also assisted in independent Look-Back Reviews, BSA/AML System Validation, and Program Optimization for community banking clients.

Mr. Lutz leads the Firm’s BSA/AML Audit Team, performing targeted and specialized BSA/AML Compliance reviews for banking and credit union clients of varying sizes. Mr. Lutz is a member of the NJ Banker’s BSA Committee, NYSSCPA Anti-Money Laundering and Counter Terrorist Financing Committee, and Association of Certified Anti-Money Laundering Specialist (ACAMS).

  • Manages internal audit engagements, while performing high level Bank Secrecy Act/Anti-Money Laundering audit activities for banking institutions in NY/NJ and Pennsylvania
  • BSA/AML responsibilities include assessment of the following: BSA/AML Policy and other BSA-related Bank policies and procedures, BSA/AML/OFAC risk assessments, monitoring of cash transactions, funds transfers, monetary instrument sales, CTR and SAR reporting, High Risk Customer reviews, OFAC and Sanctions compliance, employee training, CIP/KYC, international correspondent banking, trade finance activities, demand drafts, etc.
  • Conducts various consulting engagements including BSA/AML and OFAC risk assessments, BSA model validation, transaction monitoring system rule calibration, policies and procedures development, etc.
  • Familiar with automated transaction monitoring applications including Verafin, Patriot Officer, FIS Prime Compliance Suite, FIS AML Enterprise, Banker’s Toolbox, etc.
  • Fundamental knowledge of consumer compliance regulations
  • Extensive work with community banks in the New York Metropolitan area and beyond, resulting in an intimate understanding of special compliance-related challenges faced by such institutions.
  • Participates in interactive meetings with senior Bank management including the CEO, CFO, CLO, and COO, and Audit Committees.
  • Participates in interactive meetings with Bank examiners to assist during client Safety and Soundness examinations (e.g. FDIC, FRB, OCC, NYSDFS, etc.)
  • Assists Director and Managing Partner in the development of engagement proposals and client presentations.
  • Assist, train, and manage staff with respect to the execution of audit and regulatory compliance engagements
  • Works with the New York League of Independent Bankers and assists in arrangement of quarterly networking events, invoicing/billing, and marketing strategies.

Areas of Focus

  • Audit and Assurance General BSA/AML Advisory
  • Review of BSA/AML Policies, standards, procedures
  • Vertical and Enterprise Risk Assessments
  • Staffing and Training Forensic AML Reviews and Issue Validations
  • Regulatory examination findings and issue remediation advisory
  • 3rd line (Audit) issue validation advisory and services
  • Regulatory examination and issue dimensioning advisory AML Data Management
  • AML Data Migration Strategy Advisory
  • Hourly per project scope and complexity
  • Metadata element mapping
  • Assessment of data provisioning agreements between first and second line data producers and consumers AML Board and Senior Management Reporting
  • AML Data Analysis and Reporting

Primary Vertical

  • First and Second line AML Risk Management Board of Directors Senior Management

Consulting Practice

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Connect with David

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engage with David as a consultant.