Bank Secrecy Act and Audit Best Practices

Financial institutions are required to be compliant with BSA rules and regulations. Such compliance needs to be well documented and consistent to ensure financial institutions avoid BSA violations and implications. Financial institutions' BSA Programs must have adequate policies and procedures, comprehensive risk assessments, monitoring programs, training programs, qualified employees overseeing the BSA daily operations and independent testing programs. An effective BSA audit program will ensure that all these components are not only implemented but are appropriate, adequate and thorough to meet the BSA rules and regulations and the needs of the financial institution. Having a strong BSA audit program will ensure that financial institutions are proactive in preventing BSA violations occurring and implementing corrective action for BSA issues or implications that may be identified in the BSA program.

Objectives of the Presentation

• Implementing BSA audit best practices
• Assessing policies and procedures
• Comprehensive Risk Assessment
• Review of monitoring programs
• Determining effectiveness and thoroughness of training programs
• Ensuring qualified employee oversight of daily BSA operations
• Independent testing

Why Should you Attend
Although financial institutions have been managing BSA operations as per the regulation requirements, the change in focus to BSA audits has been coming increasingly important. Regulators look to the Bank for assurance and evidence that BSA operations are being appropriately audited to ensure that the efforts are appropriately implemented and overseen.

This session highlights BSA audit best practices that are being acknowledged and recognized by regulators and examiners. In this webinar, we will discuss the areas that regulators and examiners are primarily focusing on with regards to BSA audits. The areas of focus outlined in this webinar are based on best industry practices and supervisory experience.