One of the most important ways to ensure that your anti-money laundering program is in compliance with Bank Secrecy Act / Anti-Money Laundering (BSA/AML) requirements is to submit it to independent testing or auditing. Regular internal audits are always recommended, but an external auditor has the distance and perspective needed to give you added confidence in your program.

The independent audit should focus on how your organization’s policies, procedures, and processes are organized to support AML compliance. Given the complexity and importance of the issue, it will be critical to hire a consultant who is an expert in the BSA policy intent and the regulatory apparatus that goes with it. Best practice is to conduct the external audit every 12 to 18 months, though banking and credit institutions may have more frequent assessments. … Continue reading