Bank Secrecy Act and Anti-Money Laundering (BSA/AML) Compliance

Meet the FFIEC’s interagency requirements for independent testing and software validation.

CliftonLarsonAllen’s (CLA) consultants and internal auditors provide guidance designed to help financial institutions comply with BSA and AML requirements.

What’s on your mind?

  • Identifying if your institution’s software models need validating
  • Validating procedures for Office of Foreign Assets Control (OFAC) testing and reporting
  • Understanding your internal audit risk assessment
  • Managing growing compliance costs
  • Building a sustainable BSA and AML compliance program

A unique approach

Identifying areas of weakness in your institution’s system helps protect those you serve from money laundering and fraud. We strive to position financial institutions to proactively mitigate these financial risks. Our full boutique of compliance consulting services are tailored to support your priorities and can be performed alone or in combination to suit your needs.

Our reports will detail the extent of our tests and include findings and recommendations. We will also include management’s response to these recommendations for delivery to your institution’s management team or board of directors.

BSA/AML compliance services

BSA independent testing

Our independent testing services determine adequacy, completeness, and reasonableness based on your BSA/AML program’s size and complexity. Compliance with institutional controls and procedures is tested utilizing several methods, including off-site/on-site inspection, document evaluation, and transaction testing. Our assessment covers BSA, AML, OFAC, and Customer Identification Program (CIP) requirements applicable to:

  • Reviews of policies
  • Review of risk assessments
  • Currency transaction monitoring and reporting
  • Currency transaction exemption designations and annual reviews
  • Monetary instrument recordkeeping
  • Funds transfer recordkeeping
  • Record retention requirements
  • Suspicious activity monitoring and reporting
  • Customer due diligence
  • Enhanced due diligence
  • USA Patriot Act information sharing
  • Expanded procedures related to high risk persons, geographies, or transactions
  • OFAC testing
  • CIP testing
  • A complete suite of regulatory compliance services

Additional BSA/AML consulting services

BSA/AML software testing

As a part of AML compliance, your software should be tested to make sure that your parameters are identifying current or potential suspicious activity. Our software validation professionals can help pinpoint weaknesses in your software to help limit examiner findings, minimize risk, and improve efficiency.