Bank Secrecy Act

A risk based independent review of your institution’s BSA / AML program as required by Federal law will be performed as part of your contract of services provided by our company. In addition, a review of the bank’s processes and procedures relative to the USA Patriot Act and OFAC regulations will also be conducted. The review will be tailored to your bank’s size, products and business lines, customer base, geographic diversity and use of technology. Supplemental training that includes an overview of regulatory requirements and Safe & Sound banking practices in relation to the areas reviewed will be available to all bank employees. It should be noted that our review meets the scope for an independent BSA/AML review as prescribed by the Federal Financial Institutions Examination Council.

The review will generally be conducted annually and include the following as applicable:

  • Review of and personnel adherence to policies, procedures, and processes
  • Review of BSA/AML and OFAC related risk assessments
  • Risk Based transaction testing for reporting and recordkeeping requirements
  • Review of OFAC compliance
  • Information Sharing Requirements specified through the USA PATRIOT Act
  • Review of the Customer Information Program
  • Review of Customer Due Diligence and Enhanced Due Diligence
  • Review of Suspicious Activity reporting program
  • Regulation GG Compliance review
  • Review of staff training for adequacy and accuracy


 
 
 


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