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BSA/AML Audit

The Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws prevent banks and other financial companies from becoming bystanders to fraud. Maintaining compliance can include independent BSA/AML reviews from third-party companies with industry experience.

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What Is BSA/AML Compliance?

The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) created the BSA/AML laws to prevent financial terrorism and laundering, especially within large financial institutions. Some BSA regulations banks must follow include:

  • Creating a system that ensures ongoing compliance.
  • Providing independent BSA/AML testing.
  • Designating a responsible individual for coordinating and monitoring day-to-day compliance.
  • Providing BSA/AML compliance training.

While there is no outline for audit frequency, undergoing the process every 12 to 18 months can help you maintain accurate records and prevent information gaps. BSA/AML penalties include hefty fines, removal from banking institutions, and prison sentences.

What Is BSA/AML Compliance?

About Our Service

Neovera identifies and documents potential BSA/AML issues according to the Federal Financial Institutions Examination Council (FFEIC). We align our process with the Patriot Act and the Department of Treasury’s Office of Foreign Assets Control (OFAC) requirements.

What We Do

We tailor each audit to your risk profile and needs. During all audits, we will:

  • Evaluate your BSA/AML compliance program, including policies, procedures, and processes.
  • Review your risk assessment compared to your risk profile.
  • Evaluate management’s efforts to resolve past audit or exam violations and deficiencies.
  • Review your suspicious activity monitoring systems.
  • Assess your process for identifying and reporting suspicious activity.
  • Perform tests based on risk to evaluate compliance with reporting and recordkeeping obligations.

Once we evaluate your system, we promptly deliver a fully accessible report in a universal language. This process gives your institution an overall rating and points to any compliance issues or potential infractions.

About Our Service

Our Scope

During every audit, our former compliance officers, auditors, and examiners use industry knowledge to evaluate your system accurately. Our BSA/AML Audit follows all FFIEC guidelines, and we tailor each audit to meet your unique needs. We offer on-site or remote audits to each client, allowing us to help you improve your system from any location.

Our Scope

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If you want to ensure your company fully complies with BSA/AML requirements, look to Neovera. Our thorough evaluation will eliminate all potential pitfalls and help you understand your processes.

Choose Neovera if you:

  • Want affordable auditing services.
  • Prefer to focus your resources on business tasks.
  • Need quick turnaround times and deliverables.
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The Neovera Difference

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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.

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We provide concise, professional, and easy to read reports delivered promptly.