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.
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!