BANK SECRECY ACT (BSA)

Our procedures are designed to assist the Bank in reviewing and improving its compliance with the requirements under the Bank Secrecy Act and Anti-Money Laundering rules. Our scope includes the following:

  • Evaluating corrective actions taken in response to prior reviews or regulatory examinations, if applicable;
  • Reviewing the Bank Secrecy Act, Customer identification Program (CIP), Office of Foreign Asset Control (OFAC) and anti-money laundering (AML) policies, procedures and program;
  • Evaluating knowledge and understanding of personnel;
  • Reviewing the scope, frequency, and documentation of training;
  • Reviewing large cash transactions and currency transaction reports (CTRs);
  • Evaluating compliance with record retention requirements;
  • Reviewing correspondence with the government;
  • Reviewing wire transfer activity, documentation, and departmental procedures;
  • Reviewing exemptions;
  • Reviewing 314(a) search request processes and procedures;
  • Reviewing suspicious activity reports (SARs);
  • Reviewing account reviews, including high-risk and MSB accounts;
  • Reviewing accounts held by foreign nationals, if any;
  • Reviewing processes related to the Bank’s AML/fraud detection software, as available;
  • Reviewing policies and processes related to beneficial ownership;
  • Reviewing policies and processes related to NSL (National Security Letters);
  • Evaluating guidelines for detecting, preventing, and reporting suspicious activities;
  • Evaluating CIP compliance and account opening procedures;
  • Evaluating implementation of US Patriot Act requirements;
  • Evaluating compliance with OFAC requirements;
  • Evaluating ACH processes and monitoring related for compliance with BSA and OFAC;
  • Evaluating BSA processes and monitoring as they relate to ACH services;
  • Evaluating the bank’s Anti-Money Laundering program risk assessment and procedures; and
  • Reviewing sales of monetary instruments.

  • All BSA audits will be performed by auditors carrying a professional certification for BSA auditing – Certified Anti-Money Laundering Specialist (CAMS) and / or Certified BSA/AML Professional (CBAP). At the conclusion of our work, we will issue a report that includes a rating to help management and the Board more clearly understand the bank’s compliance with BSA and other related laws and regulations.