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Satisfying the Regulators

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Question: 
Our bank is concerned about satisfying the regulators in regards to our BSA/AML program.Are there certain sore spots that we should avoid?
Answer: 

First and foremost, you always want to be prepared. The regulators will certainly be irritated if you do not have the necessary information gathered and ready to present. Secondly, always utilize a clear naming convention for your institution's electronic files in an effort to stay organized. Also, it is crucial to apply the contents of the FFIEC BSA/AML Exam manual to your program. Finally, consider contacting the examiner in charge prior to their arrival if you have any questions or need audit guidance.

AML RightSource is an outsource solution for BSA/AML Transaction Monitoring. Their complementary webinar, "Back by popular demand? 10 Things that Irritate your Regulator Relative to your BSA/AML Program", will be presented on Thursday, April 18. To learn more about how to make your regulator happy, register for AML RightSource's webinar here: https://www2.gotomeeting.com/register/564188410.

First published on 04/08/2013

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