BSA / AML Audit

The Service

Completion of independent testing for BSA/AML compliance is one of the original pillars of a financial institution’s BSA program. While the frequency of this audit is not specifically defined in any statute, a sound practice is for the financial institution to conduct independent testing every 12 to 18 months, commensurate with the BSA/AML risk profile of the bank.

Our goal for a BSA/AML Audit is to identify and document potential compliance issues with your BSA/AML program in accordance with FFIEC Guidelines. Each audit is tailored to your individual risk profile, but at a minimum will include:

  • An evaluation of the overall adequacy and effectiveness of your BSA/AML compliance program, including policies, procedures and processes.
  • A review of your risk assessment for reasonableness given your risk profile.
  • An evaluation of management's efforts to resolve past audit or exam violations and deficiencies.
  • A review of training for adequacy, accuracy, and completeness.
  • A review of the effectiveness of your suspicious activity monitoring systems used for BSA/AML compliance.
  • An assessment of your overall process for identifying and reporting suspicious activity.
  • Appropriate risk-based transaction testing to ensure compliance with recordkeeping and reporting requirements (e.g., SARs, CTRs, CTR exemptions, CIP, information sharing requests, funds transfers, and monetary instruments).
  • An assessment of the integrity and accuracy of reports used in monitoring for BSA/AML compliance.

Our testing will also cover pertinent sections of the Patriot Act and requirements specified through the Department of Treasury’s Office of Foreign Assets Control (OFAC).

The resulting audit report will give your institution an overall rating and show any compliance issues found.

We have developed a reporting process that delivers “risk-based” facts in a universally readable language and format.

The Scope of Work
  • Our BSA/AML Audit follows FFIEC requirements and regulatory guidance.
  • Each engagement will be tailored to meet your unique needs.
  • On-site and remote audits are available.

Man jumping canyon
Sailor at helm

The 10-D Compliance Difference
  • Our audits are performed by former compliance/BSA officers, auditors, and examiners with vast experience of the inner workings of financial institutions AND in-depth compliance knowledge.
  • We provide concise, professional, and easy to read reports delivered promptly.
You would benefit from a 10-D
BSA/AML Audit if
  • You require quick turnaround of reports and deliverables.
  • Your budget constraints do not allow for “Big Accounting Firm” prices.
  • Your management values their time and lacks resources to conduct their own audits.

Keep your institution off the evening news.

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