BSA/AML: Auditing Your Program
When it comes to auditing your BSA/AML program, there are a couple of different types that come into play. A BSA/AML audit could simply be a periodic check-up to ensure your BSA/AML program is operating as it should. Or, it could be your independent BSA/AML audit which is required as a pillar of your BSA/AML program. Either can be conducted internally but you have to be careful who is doing the audit.
Kevin explains more in the video.
- Current Events and Updates to the BSA/AML Exam Manual
- BSA/AML & OFAC Risk Assessments
- Program Requirements (Controls, Testing, Training, Officer & CDD)
- Customer Identification Program (CIP)
- Customer Due Diligence (Including the Beneficial Owner Rule)
- Currency Transaction Reports & Exemptions
- Suspicious Activity Reporting Requirements
- OFAC, 314(a) and 314(b) Requirements
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).