Bank Secrecy Act & Anti-Money Laundering Compliance

Compliance Audits for Bank Secrecy Act, Anti-Money Laundering & OFAC

The BSA, AML & OFAC Audit provides an assessment and test of the current systems and controls for compliance with key requirements of Bank Secrecy Act, Anti-Money Laundering and OFAC regulations. The project includes reviews of internal monitoring and testing processes of systems used for monitoring suspicious activity.

Model Validations of BSA & AML  Monitoring Systems

Regulators require that model validation of transactions monitoring systems be done by third-parties independent of the model on a periodic basis. The model validation project we perform tests the data and outputs of a bank’s suspicious activity monitoring system. This project is comprised of data integrity reviews to ensure that data is completely and accurately imported from the core processing platforms and a review and evaluation of AML scenarios programmed into the model to ensure that the scenarios are working as intended.

BSA & AML Monitoring System Scenario Evaluations

This project evaluates the model scenario rules, parameters and thresholds to ensure that they are set to detect suspicious activity based on the bank’s BSA & AML risk exposures. We provide guidance and documentation to assist the BSA Officer with making modifications to the alert scenarios with the objective of reducing the number of alerts for activities which are not significant BSA & AML risks for the bank.