Auditing: BSA/AML/CIP

Presented by:
Patricia Cashman

Your financial institution, no matter how small or large, is required to have regular, comprehensive BSA/AML compliance audits that are fully documented and conducted by qualified parties who are independent of the Bank's business lines and compliance function.

A vital and mandatory component to a BSA compliance program involves provisions for the independent testing or auditing for compliance. Whether performed by internal or external staff, an effective audit plays an important role in independently evaluating risk management and controls, discharging its responsibility to the Audit Committee of the Board of Directors or a similar oversight body through periodic evaluations of the effectiveness of compliance with BSA/AML/OFAC policies and procedures, including related staff training.

Several recent enforcement actions have cited deficiencies within BSA/AML audits. Particular emphasis has been placed on the inadequacies of the audit scope, transactional testing and subsequent follow-up on findings. The exam procedures clearly state that "The independent testing scope and workpapers can assist examiners in understanding the audit coverage and the quality and quantity of transaction testing. This knowledge will assist the examiner in determining the examination scope, identifying areas requiring greater (or lesser) scrutiny, and identifying when expanded examination procedures may be necessary."

Whether you are an internal auditor or an outsource vendor, this program will help you to identify deviations from laws, regulations and the institution's policies, document your procedures, and report the findings to management.

This session will assist you in:

Understanding the difference between testing for "technical" compliance and determining the adequacy of the AML program

Finding resources to assist with testing for those tricky e-banking areas (remote deposit capture, ACH, etc.)

Identifying "unusual activity" outside of the normal cash structuring scenarios

Developing or adapting workpapers that adequately document the BSA/AML review work performed, and support the management reports

Who should attend? This session is designed for:

New compliance auditors;

Experienced compliance auditors who wants to revise or refresh their work programs;

BSA officers who want to know what the auditors and examiners will be testing and how to properly document for compliance issues;

Compliance officers, who can use it as a training tool for all applicable personnel

VIEW A 10 MINUTE SAMPLE
(requires Windows Media Player and IE).

• Complete presentation (including slides and audio)
• Written Materials
• Follow-up Q & A

You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

About the speaker: Patricia is a partner in Cashman Compliance Solutions, LLC. She is responsible for consumer compliance reviews, Bank Secrecy Act (BSA) and Anti-Money Laundering reviews, and compliance and BSA training.

Patricia began her banking career in 1969. She has been the senior operations officer for three Dallas-Ft. Worth area community banks, an assistant examiner for the Texas Department of Banking and managed the compliance/internal audit division of TIB - The Independent BankersBank, one of the largest bankers' banks in the country.

Additionally, Patricia has spoken as a webcast/teleconference presenter for the American Bankers Association (ABA), BankersOnline (BOL) and the Center for Financial Training (CFT), taught a variety of compliance subjects for the Texas Bankers Association (TBA) and ABA at their respective Compliance Schools. She also serves as a BOL GURU and been a speaker/trainer for numerous banks and compliance organizations.