The Bank Secrecy Act Anti-Money Laundering (BSA/AML) independent audit is one of the core “pillars” of the BSA/AML program. One key element in ensuring that yours measures up is to make sure adequate transaction testing is performed and each of the following are evaluated:
- Overall Program
- Risk Assessment
- Corrective Actions
- Suspicious Activity Monitoring Systems
- Suspicious Activity Reporting Systems
- Management Information Systems
Again, the key is to make certain that whomever is performing the BSA/AML independent audit task for your financial institution meets or exceeds these expectations. Further details can be found in the BSA/AML Examination Manual on pages 35 and 36.