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#1467759 - 11/15/10 06:34 PM Frequency of BSA/AML Independent Testing
LostFan Offline
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New Jersey
Can someone share with me the required frequency of the BSA/AML independent audit? I seem to recall an audit is required every 12-18 months but cannot find where this is written. Any help is much appreciated.

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#1467784 - 11/15/10 06:58 PM Re: Frequency of BSA/AML Independent Testing LostFan
Retread Offline
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It is not "required" every 12 - 18 months, but that is what is "suggested. Here is FDIC's view.

http://www.fdic.gov/news/news/financial/2008/fil08038a.html
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#1467788 - 11/15/10 07:02 PM Re: Frequency of BSA/AML Independent Testing Retread
LostFan Offline
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Posts: 119
New Jersey
Thanks for the link!

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#1467821 - 11/15/10 07:30 PM Re: Frequency of BSA/AML Independent Testing LostFan
Ted Dreyer Offline
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Ted Dreyer
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If you're not FDIC regulated, you can find essentially the same language in the BSA/AML Exam Manual on page 34.

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#1468259 - 11/16/10 04:32 PM Re: Frequency of BSA/AML Independent Testing Ted Dreyer
NewTooBSA Offline
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Texas
Since this topic has been brought up I have a question concerning what is considered an "independent audit".

Would our internal audit department be considered as independent since they are outside of the BSA Department and have a different reporting line?

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#1468277 - 11/16/10 04:43 PM Re: Frequency of BSA/AML Independent Testing NewTooBSA
BrendaC Offline
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Sweet Home AL
Sounds as if it is operating independent of your BSA Dept functions, so I think, yes, it would qualify.
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#1468300 - 11/16/10 04:53 PM Re: Frequency of BSA/AML Independent Testing BrendaC
NewTooBSA Offline
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Posts: 568
Texas
Great!

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#1468711 - 11/17/10 01:31 PM Re: Frequency of BSA/AML Independent Testing NewTooBSA
Retread Offline
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This might help.

http://tinyurl.com/375pb9y

Go to page 4 for FinCEN's view of independent testing.
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Politicians are like diapers. They need to be changed often and for the same reason.

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