BSA/AML Compliance and MIS Verification

Resent regulatory focus on Bank Secrecy Act (BSA) has caught many financial institutions off guard and unprepared for the depth of scrutiny of regulatory review. NETBankAudit has leveraged its experience developing high quality audit and advisory services in dealing with difficult technology based regulatory issues to develop a comprehensive BSA/AML Compliance and MIS Verification Service. We have also been very successful in helping financial institutions address both “Letter of Intent” and “MOU” challenges.

BENNETT,JoanneeditedOur BSA service is led by Joanne Bennett, Director of Compliance Services. Joanne is a Certified Bank Auditor (CBA) with 30 years of experience in banking operations, compliance and audit. Joanne is a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and has served on the Compliance Committee of the Virginia Bankers Association.

The four “pillars” of a sound BSA/AML Compliance Program are:  internal controls, naming a BSA Officer, providing annual training and conducting an independent review.  Regulators consistently focus on these areas during their examinations and find that the independent review is frequently cited as a weakness.  An independent BSA/AML Compliance review by NETBankAudit will ensure your BSA/AML Program is fully compliant with all components of the Bank Secrecy Act.

We offer solutions to help work through complex areas such as Risk Assessment, Customer Risk Scoring, Customer Due Diligence and Enhanced Due Diligence, CIP review and error tracking. Our auditors have hands on experience in these areas as well as OFAC screening, annual training, currency transaction reporting, suspicious activity investigations and reporting, policy and procedures development.

Additionally, NETBankAudit can provide BSA/AML MIS Verification to ensure your anti-money laundering software is capturing your bank’s financial transactions as expected.  This is a key component to strong regulatory examinations by all Federal Regulators.

BSA/AML Compliance Audit – An independent evaluation of the written BSA/AML compliance program, testing for specific compliance with all areas of BSA/AML, OFAC, CIP, suspicious activity monitoring and reporting. Identify and evaluate configurations between the BSA/AML MIS and other systems and applications (core processing, teller platform, wire transfer, ACH, etc.)

  • Program and Risk Assessment Evaluation and Facilitation
  • Compliance Audits and Reviews
    • Up to date date compliance reviews based on our active contacts with all regulatory agencies and over 500 client knowledge base. We can conduct an official review to satisfy regulatory requirements, or an unofficial review for management purposes
    • We scope to the bank’s size, location, services, transaction volume, and specific regulatory environment
    • Our sample sizes are larger than our competitors to avoid any pitfalls and ensure regulatory satisfaction
    • Availability as a resource for our clients’ questions throughout the relationship, not just during audit field work

BSA MIS Verification- An evaluation of pertinent management information systems (MIS).  Once installed, automated systems should be monitored and reviewed to detect any variances from expected performance.   BSA MIS Verification will help detect any gaps where automated software may not cover risk exposure.

  • A very technical, systems based data integrity audit that is required by regulatory agencies to validate the data flowing from the bank’s core system to its AML monitoring software
  • Periodic validation testing provides reassurance that automated systems are operating as expected
  • A critical review to ensure the accuracy of the MIS when there are changes to the bank’s core or AML systems, AML software or processing procedures
  • Strong technical knowledge of the specific BSA/AML systems is necessary and maintained by designated NETBankAudit auditors

Depending on the circumstances, these elements may be audited and/or consulted upon.  Please inquire as to the best approach