dimanche 13 août 2017

What You Need To Know About Bank Secrecy Act Audits

By Linda Hayes


After the passing of the Anti-Money Laundering law (AML) or Bank Secrecy Act (BSA), today, financial institutions ought to co-operate with government organizations in terms of auditing. The goal of this law is to not only identify but also prevent money laundering. Nevertheless, for majority of financial institutions like banks, this can be very strenuous since it is trying to uphold the crucial skills in the highly focused parts of the BSA or AML compliance program. Therefore, there are companies that can assist your organization in carrying out your bank secrecy act audits.

These organizations are focused on carrying out as many independent BSA audits yearly. They have competent teams that offer a unique combination of expert gifts among other crucial rewards. First and foremost, they have a responsive style whereby, they are cognizant of the fact that every client is different. Consequently, they customize their auditing programs encompassing scoping procedures, instruments, and work papers. Again, they provide complete outsource services or can co-source with the auditing team of the financial organization.

Some auditing institutions have approaches that offer consistency and they comply with what the regulators require. They also work in accordance to the rules set by government institutions. Apart from providing clients with excellent services they have devices that can test all the concepts that are in line with AML, BSA and the USA PATRIOT Act. There is compliance with all regulations laid down by the state.

Furthermore, these companies make sure they are resourceful to their clients on a consistent basis. Consequently, their clients can access them for inquires during engagement and not just in the course of the audit fieldwork. Hence, every section of the program has precise responsibilities and teams to make sure your BSA audit is carried out seamlessly.

The BSA and AML professional are tasked with the job of implementing tests that are clear and giving suggestions after collecting data in the field. A different team oversees all the procedures including engagement and they also work closely with the client. Before delivering they look at the customer expectations and ensure they are asking the client what he expects to ensure they are right. They have technical knowledge which helps them to validate all the data in the systems.

Other firms similarly offer an intensive evaluation that centers its attention on risk-based testing and they likewise review policies, processes and documents. Following the completion of this testing, they issue out an objective report that notes any violations areas of weakness. Moreover, they offer corrective action plans to aid strengthen and improve your general BSA or AML programs. Additionally, they offer advice on the means to ensure your AML compliance programs are more effective, efficient and valuable for the long-term functioning of your company.

It is of importance to know that the expert who is tasked with the auditing should never be involved in the development of BSA and AML programs. The requirement must be followed by auditors working internally and externally.

Generally, rather than financial institutions doing their own independent testing of AML or BSA compliance, they can leave this to professionals. This lessens the burden on the banks because the teams tasked with this work are not only knowledgeable but also independent. This, therefore, ensures you gain a high credibility with the regulators.




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