For the banks that have different audit and compliance departments, is the audit committee also responsible for approving compliance policies and reviewing compliance reviews (smaller internal reviews that are done seperate from internal audit compliance reviews).

The following url will take you to all you ever wanted to know about internal auditing from a regulatory viewpoint. It discusses Audit Committee's best practice which includes "Review and approve annual Compliance Plan". http://www.stlouisfed.org/col/courses/tool/start/start.cfm?m=020&l=02&s=2.htm#s2

comp123...yes, our audit committee approves the compliance policy and reviews information from the compliance officer. The CO provides them with a quarterly update of her activities.

Our Audit Committee reviews all Complinace reviews and Internal Audit reports- as well as Compliance Policies, and other non-compliance Policies. Keep in mind, the Compliance Committe first reviews all Compliance related policies (management committee) before they are approved at the Audit Committee (board committee)
hope this helps-

Yes, our audit committee reviews/approves key compliance quarterly reports (SARs, compliance reviews, etc.) key policies, and key compliance risk assessments (BSA, OFAC, Red Flags, etc.).

Same here, Ou raudit committee reviews and approves compliancea and any audit policies for the bank.