The BSA/AML Audit Process: Avoiding Pitfalls and Highlighting Needs
01-22-2025 1:00 PM EST
A successful BSA/AML compliance program requires periodic audit reviews. Whether you are a novice or a seasoned BSA officer, conducting a self-assessment can be overwhelming. Audits must be comprehensive, well-documented, reach conclusions, and a final report must be sent to senior management and the board. Your organization's BSA/AML compliance program should be effective, risk-based, and reasonably designed. This will allow your institution to focus its attention and resources on its risk profile. Regulators are enhancing their risk-based approach by increasing enforcement, which means more intense BSA/AML examinations. Auditing your current compliance program is the best way to prepare for your next examination. Several areas are covered in audit reviews. During the review, the compliance program and its underlying policies, procedures, and processes will be examined. It will also identify possible weaknesses in the controls in place. This webinar will walk you through the basics of a BSA/AML audit. It will also provide tips for managing audit reviews and guidance on dealing with issues that may arise.
What You’ll Learn
There will be a discussion on the following topics during this important BSA/AML audit review webinar:
- How to ensure your audit scope is comprehensive
- Reviewing the organization's compliance program and underlying policies, procedures, and processes is essential
- Analyzing the effectiveness of the controls in place and noting any weaknesses
- What to do when you receive a request for samples
- The best way to handle known or perceived deficiencies
- What to do when you encounter an audit issue or potential audit issue and how to report it to senior management or the board
- Customer identification and verification examples
- A few examples of identifying risks
- Internal control examples
- An overview of typical transaction monitoring systems
- Screening for sanctions
- Suspicious activities reporting
- Making decisions based on accurate data
Live Session
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$229.00
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Who Should Attend?
- Financial crimes compliance attorney and consultant with over 20 years of experience in financial services management, sales, operations, and compliance
- Currently overseeing legal and compliance matters for a credit card company
- Previously Compliance Officer at Citibank, overseeing EDD for the highest risk customers, and Deputy BSA Officer at Great Florida Bank
- As a consultant with Promontory Financial Group, represented boards regarding regulatory deficiencies, managed numerous FCC improvement projects, and conducted audits and risk assessments across a wide variety of financial institutions J.D. degree