Following the passing of the Bank Secrecy Act or BSA also referred to as the Anti-Money Laundering or AML law, financial institutions are currently expected to cooperate with government agencies in the auditing process. This is aimed at preventing and spotting money laundering. However, for many banks, this can be particularly taxing because it is hard to maintain the vital expertise in the highly specialized sections of AML compliance. Thus, there are firms that aid you in conducting your bank secrecy act audits.
These companies are aimed at conducting numerous independent AML or BSA audits per year. They have capable teams that provide an exceptional combination of professional talents besides other pertinent benefits. Firstly, they have an open approach in that they are aware that each customer is unique. Therefore, they tailor their auditing programs involving instruments, work papers as well scoping procedures. Also, they offer comprehensive outsource services or they can co-source with the auditing department of the financial institutions.
Secondly, other firms possess methodologies that are in line with the requirements of the regulators- the government agencies. Additionally, they possess the essential auditing requirements connected with the AML or BSA, various state-level expectations as well as the USA PATRIOT Act. Consequently, this ensures that your financial organization has complete compliance which has been expertly arrived at.
Moreover, these firms ensure they are resourceful to their customers on a continuous basis. In this regard, they are accessible for questions in the course of engagement and not just during audit fieldwork. Therefore, each of these sections has specific teams and duties to ensure your bank secrecy audit is conducted smoothly.
Therefore, the AML or BSA compliance professionals ensure that the application of detailed audits is done and prepare the recommendations as well as findings of the test. Moreover, there is a department tasked with overseeing the engagement procedure inclusive of working as the client liaison, delivery requirements and offers quality assurance on all products. Again, the technology department performs the system validation audits and similarly prepares the findings and suggestions.
There are still companies that do a very rigorous assessment. It is done to ensure that risk is managed properly and all the policies are reviewed in the right way. If there are any short falls the firms recommend the best actions and if the professionals have violated any regulation they put measures to mitigate. To have efficient AML programs that are in accordance with the law they advise you on the best practices that you need to uphold. This is done to ensure that your company performs within the legal frame.
It is imperative to note that the individual performing the independent audit ought not to be involved in any section of the BSA or AML compliance program. This is inclusive both internal or external auditors. This encompasses the development of policies and processes as well as carry out the training.
Essentially, instead of financial organizations conducting their personal independent auditing for the BSA or AML compliance, they can entrust this work to the departments who are responsible since these parties are not only independent but also knowledgeable. Consequently, you as the bank or any other financial institution are assured of gaining tremendous credibility with the respective regulators.
These companies are aimed at conducting numerous independent AML or BSA audits per year. They have capable teams that provide an exceptional combination of professional talents besides other pertinent benefits. Firstly, they have an open approach in that they are aware that each customer is unique. Therefore, they tailor their auditing programs involving instruments, work papers as well scoping procedures. Also, they offer comprehensive outsource services or they can co-source with the auditing department of the financial institutions.
Secondly, other firms possess methodologies that are in line with the requirements of the regulators- the government agencies. Additionally, they possess the essential auditing requirements connected with the AML or BSA, various state-level expectations as well as the USA PATRIOT Act. Consequently, this ensures that your financial organization has complete compliance which has been expertly arrived at.
Moreover, these firms ensure they are resourceful to their customers on a continuous basis. In this regard, they are accessible for questions in the course of engagement and not just during audit fieldwork. Therefore, each of these sections has specific teams and duties to ensure your bank secrecy audit is conducted smoothly.
Therefore, the AML or BSA compliance professionals ensure that the application of detailed audits is done and prepare the recommendations as well as findings of the test. Moreover, there is a department tasked with overseeing the engagement procedure inclusive of working as the client liaison, delivery requirements and offers quality assurance on all products. Again, the technology department performs the system validation audits and similarly prepares the findings and suggestions.
There are still companies that do a very rigorous assessment. It is done to ensure that risk is managed properly and all the policies are reviewed in the right way. If there are any short falls the firms recommend the best actions and if the professionals have violated any regulation they put measures to mitigate. To have efficient AML programs that are in accordance with the law they advise you on the best practices that you need to uphold. This is done to ensure that your company performs within the legal frame.
It is imperative to note that the individual performing the independent audit ought not to be involved in any section of the BSA or AML compliance program. This is inclusive both internal or external auditors. This encompasses the development of policies and processes as well as carry out the training.
Essentially, instead of financial organizations conducting their personal independent auditing for the BSA or AML compliance, they can entrust this work to the departments who are responsible since these parties are not only independent but also knowledgeable. Consequently, you as the bank or any other financial institution are assured of gaining tremendous credibility with the respective regulators.
About the Author:
Find details about different types of audits and more info about a reputable company that specializes in Bank Secrecy Act audits at http://www.bankmanagementservices.com/services.html now.
No comments:
Post a Comment