The Federal Government requires an independent test of a financial institutions implimentation of the Bank Secrecy Act (BSA) every year.  This independent test includes:

  • Review of internal controls
  • Sample testing for compliance
  • Determining if personnel are trained
  • Review of CTRs and SARs
  • Review of Customer Information Policy and Customer Notice
  • Testing of record keeping procedures

Due to heightened national security posture, both Federal and State regulators have made compliance with the BSA their number one priority.

Federal and State examiners are critically reviewing each financial institutions BSA policies and procedures to ensure that everyone on  staff is aware of the BSA’s requirements and is following the BSA’s record keeping and reporting regulations.

BSA compliance promises to remain a focus for the foreseeable future as the Financial Crimes Enforcement Network (FinCEN) requires Federal regulators to demonstrate that they are doing a good job of enforcing compliance with the BSA.

With over 30 years of experience working with financial institutions of various sizes, Rofkahr Consulting understand the BSA’s requirements and how those requirements interface with the USA Patriot Act and the Office of Foreign Assets Control (OFAC) regulations. Don’t risk being found non-compliant by your State or Federal regulator.

Want More Information?  Contact Us!


Comments Off