SBS can help with the establishment of your BSA program and/or perform an audit/test of your existing program. The BSA Audit will use appropriate FILs, recent guidance from regulatory sources, and industry best practices. The scope of this audit includes, but is not limited to the following:
- BSA/AML/OFAC compliance risk assessments
- BSA/AML/OFAC compliance program, including policies and procedures
- BSA/AML/OFAC internal controls, including board and senior management oversight
- Review of independent testing, including prior audit and examination findings and corrective actions
- Staff qualifications for BSA compliance and day-to-day monitoring
- Scope, frequency, and documentation of employee training program
- Customer Identification Program (CIP), including sampling
- Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), including sampling
- Suspicious Activity Reporting (SAR), including transaction sampling
- Currency transaction reporting (CTR), including transaction sampling
- CTR exemption review
- Information sharing, 314(a) and 314(b)
- Monetary instrument sales, including transaction sampling
- Wire transfer operations, as it pertains to BSA, including transaction sampling
- Nonbank Financial Institutions (NBFI), including money service businesses (MSB)
- Prepaid Access Devices
- Unlawful Internet Gambling Enforcement Act (UIGEA)
- Financial Elder Abuse
- Recordkeeping and retention requirements
✔ THE SBS ADVANTAGE
- SBS' dedicated BSA review team is made up of experienced consultants who are former bank executives and BSA officers.
- Following your audit our experienced consultants are available to provide expert guidance to help determine the most important and appropriate steps needed in addressing results.
- Easy-to-read, management-ready reports include audit results and recommendations to mitigate risks.
- Automate your remediation action plan with complimentary access to the TRAC™ Action Tracking module.
"SBS is really good at what they do! Whether your business utilizes them for IT testing, auditing, or their incredible TRAC program, SBS receives an A+ from our bank. They have the tools and work ethic to ensure your exams go smoothly. SBS is simply as good as it gets!" - Andrew Schmidt, Farmers and Merchants State Bank