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BSA Examinations
If you haven't had a BSA exam lately, be prepared for the next one. Examiners are giving close attention to the effectiveness of compliance programs. Expect them to look at how you capture large cash transactions and how you evaluate your system's effectiveness. Perhaps the most significant part of the BSA examination is looking at risk. Expect a lot of questions on how you determine risk. When looking at risk, include risk from your market, risk from the types of products you offer ( for example, e-banking has more risk than always having a banker- customer encounter,) and risk that customers present. Then, be prepared to explain.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 1, 2/04
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