The Bank Secrecy Act (BSA), as strengthened by the Patriot Act in 2001, is one of the most comprehensive yet one of the most violated regulations on the books. Its enhanced member identification requirements, due diligence procedures, and information sharing requirements between the credit union and the government create a challenging set of issues. CastleGarde can perform and deliver a full BSA audit for your credit union.
The specific deliverables of CastleGarde’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Compliance Examination include:
Bank Secrecy Act/Anti-Money Laundering Assessment Report
The BSA/AML examination is intended to assess the effectiveness of the credit union’s BSA/AML compliance program and the credit union’s compliance with the regulatory requirements pertaining to the Bank Secrecy Act, including a review of risk management practices.
CastleGarde divides the BSA/AML Examination into twelve facets. Each facet contains many audit items that CastleGarde engineers will examine during the course of the review. Examination is conducted through a combination of questionnaire, staff interviews, direct observation, sample review and testing.
BSA/AML Compliance Program Deliverables
At the conclusion, CastleGarde issues specific recommendations in a comprehensive written report that outlines what is necessary to eliminate and correct deficiencies in the BSA/AML Compliance Program as determined by the assessment. The findings of the assessment can also be delivered to management by a member of our assessment team by phone or in person.
Onsite training is provided as an optional service and is offered at an additional cost. (Current CastleGarde clients have the option of the training being incorporated into the annual Information Security Training program.)