The Bank Secrecy Act (BSA) requires financial institutions to conduct, or have conducted, independent testing of the institution’s BSA/Anti-Money Laundering (AML) compliance program.
The scope and quality of GBQ’s BSA/AML independent review identify particular risks, how these risks are being managed and controlled and the status of compliance with government mandates, including 31 CFR Chapter X and related anti-money laundering laws. GBQ compliance staff, which includes experienced Bank Secrecy Act Compliance Specialists (BSACS), will work with you and your team to successfully complete your required annual BSA audit. The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Audit is intended to assess the effectiveness of the financial institution’s BSA/AML compliance program and the financial institution’s compliance with the regulatory requirements pertaining to the Bank Secrecy Act, including a review of the financial institution’s risk management practices. Examination procedures apply risk-based testing to determine the effectiveness of policies, procedures, and processes, as well as transaction testing to evaluate the controls in place and risk management processes related to BSA/AML, the USA Patriot Act, Customer Identification Program and Office of Foreign Assets Control (OFAC) compliance.
After the audit, GBQ conducts an exit interview summarizing the audit and sharing any high-priority findings. At a later date, GBQ issues specific recommendations in a comprehensive written report that outlines what is necessary to eliminate and correct deficiencies in the financial institution’s BSA/AML compliance as determined by the audit.