How Does Your BSA/AML Independent Audit Measure Up?

The Bank Secrecy Act Anti-Money Laundering (BSA/AML) independent audit is one of the core “pillars” of the Jerod11BSA/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
  • Training
  • 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 Moyer

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