When it comes to auditing a BSA/AML program, a good place to start is by looking back at what you’ve done or, in some cases, not done. Reviewing the risk assessment can give a good snapshot of where the potential risks lie and where to concentrate your efforts. Reviewing old audit reports or reviews to see where there have been problems and whether (and or how) those have been addressed/corrected. One important area you don’t want to overlook when determining the scope of an audit is whether any changes have occurred. For example, has the financial institution added any new products or services? Is it expanding into any new geographical areas? Has there been an increase in high-risk customers? There are many such changes that can directly impact a financial institution’s BSA/AML program and it’s important to spend some time here to ensure they have been evaluated, addressed and incorporated, as appropriate.
Kevin explains more in the video.
Published
2024/05/06