BSA / AML Audits
Regulatory Compliance Made Easy!
The OnTrack Advantage
- Your audit is conducted by former compliance/BSA officers/auditors with years’ of experience in the inner workings of community banks AND extensive compliance knowledge.
- Comprehensible reports delivered promptly.
- Examiner-approved work paper solution.
The Scope of Our Work
- Our audits follow regulatory requirements and best practices.
- Each engagement will be customized to meet each client’s unique needs.
- On-site and remote audits available.
This service is ideal for banks that require a quick turnaround for reports and deliverables, but have budget constraints that do not allow for “Big Accounting Firm” prices and lack the resources to conduct their own audits.
The goal of a BSA/AML Audit is to identify and document any and all known compliance issues with the bank’s BSA/AML program in accordance with FFIEC guidelines. Each audit is customized to a bank’s individual risk profile, but at a minimum includes:
- An evaluation of the overall adequacy and effectiveness of the BSA/AML compliance program, including policies, procedures, and processes;
- A review of the community bank’s risk assessment for reasonableness given its risk profile;
- Appropriate risk-based transaction testing to ensure compliance with recordkeeping and reporting requirements (e.g., SARs, CTRs, CTR exemptions, CIP, and information sharing requests);
- An evaluation of efforts to resolve past audit or exam violations and deficiencies;
- A review of training for adequacy, accuracy, and completeness;
- A review of the effectiveness of the suspicious activity monitoring systems used for BSA/AML compliance;
- An assessment of the overall process for identifying and reporting suspicious activity; and
- An assessment of the integrity and accuracy of reports used in monitoring for BSA/AML compliance.
Our testing will also cover relative sections of the USA Patriot Act and requirements specified through the Department of Treasury’s Office of Foreign Assets Control (OFAC). The resulting audit report will give the institution an overall rating and reveal any compliance issues found.
Find Out More About OnTrack's BSA/AML Audit Services!
Just send an email and start the conversation. We’ll answer any questions you may have with NO OBLIGATION. If you don’t think we’re a good fit, we’ll leave you alone. And we won’t sell your email address or put you on anyone’s mailing list — not even our own. That’s a promise.