Bank Secrecy Act Independent Test

Federal law requires that credit unions conduct independent tests of their Bank Secrecy Act (BSA) compliance programs on a regular basis.

Why do you need a BSA Independent Test?

Independent testing is required by federal law.
Examiners are focusing on BSA compliance.
The monetary, legal and public relations risks for noncompliance are potentially severe.

Why choose PolicyWorks?

A thorough BSA examination will be conducted by PolicyWorks’ professional staff who have expertise in BSA regulations.
A customized report will be provided detailing any compliance problems, as well as suggested resolutions.
Our product is insured. And satisfaction is guaranteed.

In-depth Analysis - Custom Reporting

Our comprehensive BSA Independent Test covers all BSA and OFAC-related sections of the AIRES questionnaire. We will review the following items:

Resolution of prior BSA violations
Adequacy of BSA risk assessment
Adequacy of CIP/due diligence program
Qualifications of BSA officer
Adequacy of staff BSA training
Practices relating to filing of CTRs and SARs
Record keeping practices
Wire transfer and international transport of currency practices
Information sharing practices
Use of third party service providers in BSA program
Adequacy of internal controls
Adequacy of OFAC compliance program

"With the examiners’ increased scrutiny of credit unions’ BSA programs, we knew the importance of partnering with someone to meet the independent testing requirements of the BSA regulations. PolicyWorks’ review of our BSA program was thorough, efficient and affordable, and the written report evidences our desire to be proactive with respect to BSA compliance. We will subscribe to this service in the future to satisfy the independent testing requirements of BSA."

Mark Heth, CEO, Iowa Community Credit Union

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