The Bank Secrecy Act (BSA) and Audit Best Practices

The Bank Secrecy Act (BSA) is a US law that fights money laundering and other financial crimes. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. 

Individuals and financial institutions who fail to comply with BSA requirements may face severe penalties ranging from tens of thousands to hundreds of millions or billions of dollars. For more serious offenses, prison sentences can range from 5 to 20 years.

This BSA audit training will explain how BSA audit best practices have evolved over time. It will cover the major components of an effective BSA program that the audit will focus on, as well as the specifics of each area as they relate to BSA audits.

BSA rules and regulations must be followed by financial institutions.  Although financial institutions have been managing BSA operations in accordance with regulatory requirements, the shift to BSA audits has become increasingly important. Regulators look to the Bank for confirmation and proof that BSA operations are being audited properly to ensure that BSA efforts are implemented and managed properly.

This presentation highlights BSA audit best practices that regulators and examiners have acknowledged and accepted. In this webinar, we'll talk about the BSA audit topics that examiners and regulators are most interested in. 

• How to apply recommended BSA audit procedures
• Evaluating policies & procedures
• Comprehensive Risk Analysis
• Examining monitoring programs
• Evaluating the efficacy and thoroughness of training programs
• Ensuring qualified employee oversight of BSA operations on a daily basis
• Independent review for compliance

The following personnel from banks and other financial institutions will benefit from this training:

• BSA/AML Officers
• Internal Auditors
• BSA / AML Management
• Financial Officers
• Front Line Staff
• Risk Officers
• Operational Managers