Tuesday, 15 August 2017

Important Information On Bank Secrecy Act Audits

By Linda Hayes


Following the passing of the Bank Secrecy Act or BSA also referred to as the Anti-Money Laundering or AML law, financial institutions are currently expected to cooperate with government agencies in the auditing process. This is aimed at preventing and spotting money laundering. However, for many banks, this can be particularly taxing because it is hard to maintain the vital expertise in the highly specialized sections of AML compliance. Thus, there are firms that aid you in conducting your bank secrecy act audits.

The institutions that do these jobs carry out numerous tasks each year. The professionals have expertise in their work and they conduct a very reliable job. When doing their job they ensure that they understand each client and their specific needs to give each client services that exceed their expectations. They respond in a timely manner when a client and they work hard to deliver. To give excellent results the firms have the best auditing programs that are meant to do a thorough and transparent task.

Secondly, others have audit methodologies that are consistent with the expectations of the regulators that is government agencies. Besides this, they have the necessary independent testing requirements related to the BSA or AML, as well as the USA PATRIOT Act, and other state-level expectations. This, therefore, ensures, that you have total compliance which has been professionally reached.

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 imperative to note that the individual performing the independent audit ought not to be involved in any section of the BSA or AML compliance program. This is inclusive both internal or external auditors. This encompasses the development of policies and processes as well as carry out the training.

To have proper auditing the job should be done by experts. The task becomes less burdening and you ar sure of getting independent outcomes.




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