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Independent testing and Audits

Our company offers BSA/AML Independent Testing and Audit service to ensure our clients are effectively preventing financial crime and adhering to federal regulations. Our approach is comprehensive and risk-based, evaluating all aspects of an organization's BSA activities. Upon completion, we provide a detailed overview of the state of the  organization's compliance efforts, along with practical recommendations to improve their BSA/AML program, and stay compliant with the current regulatory requirements.

About the service

Background and requirements

Independent BSA/AML testing is a process in which a third-party organization, such as ours, conducts an evaluation and assessment of a financial institution's adherence to the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. This testing is done with the goal of identifying potential vulnerabilities or non-compliance issues in the institution's BSA/AML program, and to ensure that the institution is effectively preventing money laundering and other financial crimes. This testing is mandatory under the Bank Secrecy Act (BSA) and should be carried out by a qualified and experienced third-party organization specialized in BSA/AML compliance.

Our services

We use a combination of automated and manual testing methods to ensure a comprehensive evaluation of our client's compliance program and procedures. Our testing process includes, but is not limited to, reviewing policies, procedures, and controls such as the ones for transaction monitoring, customer due diligence, and suspicious activity reporting processes. We also assess our client's compliance management system, lines of defense and the level of competence of the staff executing critical compliance functions.

At the end of our BSA/AML independent testing process, we will provide a comprehensive report detailing our findings and recommendations. The report includes a summary of our testing methods, an assessment of the client's compliance and a list of any identified vulnerabilities or areas of noncompliance. Our team will also provide detailed recommendations for improving the BSA/AML program, including any necessary changes to policies, procedures, or systems.

What’s included?

We will conduct a BSA/AML independent testing specifically designed to suit the unique needs and situations of your business. By understanding the particular aspects of your operations and analyzing your internal policies, procedures, and controls, we will make a precise assessment of your compliance status, recognize any deficiencies and vulnerabilities, and offer you clear and feasible recommendations to enhance your compliance program.

Our BSA/AML independent testing includes

As part of the independent testing, we would test and review the following:

  • Your organization's BSA/AML risk assessment alignment with its risk profile (products, services, customers, and locations).
  • Your organization's policies, procedures, and processes for BSA compliance alignment with its risk profile.
  • Your organization adherence to its policies, procedures, and processes for BSA compliance.
  • Your organization's compliance with BSA recordkeeping and reporting requirements (e.g. customer information program, customer due diligence, suspicious activity reports, currency transaction reports and exemptions, and information sharing requests).
  • Adequacy of your organization's overall process for identifying and reporting suspicious activity, including evaluating filed or prepared SARs to determine their accuracy, timeliness, completeness, and conformance to your organization's policies, procedures, and processes.
  • The completeness and accuracy of your organization's IT sources, systems, and processes used to support the BSA/AML compliance program.
  • The provision of training for appropriate personnel, tailored to specific functions and positions, and including supporting documentation.
  • The appropriateness and timeliness of management actions taken to address any violations and other deficiencies noted in previous independent testing and regulatory examinations, including progress in addressing outstanding supervisory enforcement actions, if applicable.

Options and pricing

We recognize that each business has its own unique characteristics, complexities, and may have varying needs and resources when it comes to BSA/AML independent testing. That's why we offer flexible options tailored to the specific requirements and size of your organization. We understand that one size doesn't fit all, so we provide different packages to suit your specific needs and budget.

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Independent Testing and AML Audit

We perform desk-based or on-site independent testing and review depending on your preference.

What's included?

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Good practice testing methodology
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Testing compliance, execution and effectiveness
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Audit report with findings
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Actionable recommendations for improvement
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Certificate of audit
starts from $5,000
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