Managing BSA/AML Audits: Avoiding Pitfalls and Highlighting Needs

How Effective Are Your BSA/AML Audits? Master the audit process and resolve issues efficiently

Conducting your own periodic BSA/AML audit review is an important part of a successful compliance program. Whether this is your first
audit review or you are a seasoned BSA officer, making sure the audit is comprehensive, well-documented, reaches a conclusion, and has the findings reported to senior management and the board can be a daunting task. In addition, FinCEN has recently proposed new regulations to strengthen and modernize financial institutions' anti-money laundering programs.

Regulators expect your BSA/AML compliance program to be effective, risk-based, and reasonably designed, enabling your institution to focus its resources and attention in a manner consistent with its risk profile. Increased enforcement—meaning more intense BSA/AML examinations—is an important part of this enhanced risk-based approach being adopted by regulators. The best
way to prepare for your next examination is by conducting an audit review of your current compliance program.

This webinar will walk you through the basics of a BSA/AML audit review, providing tips for managing the audit review process and guidance for dealing with issues that may arise.

A meaningful audit review will consist of several parts. It will include a review of the organization's overall compliance program and its underlying policies, procedures, and processes. It will also gauge the effectiveness of these controls and identify possible weaknesses. A sample of what this webinar will cover: 

• How to ensure the scope of your audit is comprehensive
• How to respond to sample requests
• How to handle known or perceived deficiencies
• How and when to report audit issues or potential audit issues to senior management or the Board
• Examples of how to identify and verify the identity of your customers
• Examples of how to identify risks
• Examples of important internal controls
• Typical systems for monitoring transactions
• Sanctions screening
• Suspicious activities reporting
• Data accuracy for decision-making And more!