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Lexis Nexis BSA/Anti-Money Laundering: Internal Audit and Risk Management
Written by financial institution consultant Lorraine Hyde, this guide provides information to help your financial institution establish and implement risk-based policies, procedures, and processes to comply with the most recent regulatory release of the BSA/AML Examination Manual. It also contains the latest information on topics such as electronic banking, changes to BSA reporting requirements, and OFAC compliance.
Publisher: LexisNexis Sheshunoff
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The regulators are placing more emphasis on BSA/AML compliance than ever before. Examinations focus on your organization’s responsibility to establish and implement risk-based policies, procedures, and processes to comply with the Bank Secrecy Act and safeguard your operations from money-laundering and terrorist-financing. Be ready for the most recent changes in the examiners’ approach to BSA compliance with Sheshunoff®'s BSA/Anti-Money Laundering: Internal Audit and Risk Management manual.
This comprehensive resource takes the examination guidelines and interprets them for you, providing specific actions to ensure that all of your policies, procedures, and processes are risk-based. The manual focuses on all the issues on which examiners will be concentrating, so you can be sure that your institution is well prepared for your next examination.
Sheshunoff®'s BSA/Anti-Money Laundering: Internal Audit and Risk Management manual will give you the guidance and tools you need to help your financial institution:
• Comply with the latest regulatory release of the Bank Secrecy Act/Anti-Money Laundering Examination Manual.
• Focus on risk management and audit requirements emphasized in the new regulatory release.
• Ensure that all of your institution’s BSA/AML policies and procedures are based on assessing its specific risks.
• Prepare for your next BSA/AML examination.
This up-to-date resource includes information on the latest topics such as remote deposit capture, consolidated risk assessments, electronic banking and new BSA issues, smart cards, recent enforcement actions, red flags for money laundering, and providing banking services to money service businesses. Internal control and transaction testing checklists in many of the chapters help you tailor procedures to the specific needs of your institution.
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Authors / Contributors
Dena Somers
Dena Somers
Dena Somers is a founding partner of Finreg Partners, a regulatory compliance and risk management firm for the banking, Fintech, and financial services industries. Drawing on more than 20 years of combined in-house and legal/consulting experience in the mortgage, consumer lending, and specialty finance sectors, Ms. Somers helps clients navigate complex regulatory and compliance challenges by providing hands-on expertise in developing and designing enterprise-wide CMS and GRC programs for banks and rapidly evolving companies in highly regulated industries, including Fintech, cannabis banking, money service businesses, and online consumer lending.
As a leading practitioner in her field, Ms. Somers provides compliance training to regional and community banks nationwide and authors numerous publications for LexisNexis in all areas of regulatory compliance for the banking industry. She has served as an expert witness in both federal and state courts and is an experienced public speaker on compliance and emerging trends, having presented before the Virginia legislature, CBS news, and industry trade associations.
Table of Contents
Part I — Audit Planning for Risk Management
Chapter 1 BSA/AML Examinations
Chapter 2 Preparing for the Risk-Based Audit
Part II — Audit Procedures for BSA/Compliance Program
Chapter 3 BSA/AML Compliance Program Audit
Chapter 4 Customer Identification Program Audit
Part III — Audit Procedures for Specific Regulatory Requirements
Chapter 5 Customer Due Diligence (CDD)
Chapter 6 Suspicious Activity Reporting
Chapter 7 Currency Transaction Reports and Exemptions
Chapter 8 Information Sharing — Section 314(a) and (b)
Chapter 9 Purchase and Sale of Monetary Instruments
Chapter 10 Funds Transfers
Chapter 11 International Banking
Chapter 12 Foreign Bank and Financial Accounts Reporting and International Transportation
of Currency or Monetary Instruments Reporting
Chapter 13 The Office of Foreign Assets Control (OFAC)
Chapter 14 Special Measures Under Section 311 of the USA PATRIOT Act
Part IV — Audit Procedures for Specific Products and Services
Chapter 15 Domestic Correspondent Accounts
Chapter 16 Foreign Branches and Offices of U.S. Financial Institutions
Chapter 17 Electronic Banking
Chapter 18 Deposit and Nondeposit Products
Chapter 19 Concentration Accounts
Chapter 20 Lending Activities
Chapter 21 Trust and Asset Management Services
Part V — Audit Procedures/Risk Factors for Specific Persons and Entities
Chapter 22 Specific Persons and Entities
Checklists
Appendices
Appendix A 31 CFR
Chapter X (with Annotated Cross-Reference Guide)
Appendix B 31 USC
Chapter 53
Appendix C FIL-32-2005 — Interpretive Guidance on Providing Banking Services to Money
Services Businesses Operating in the United States
Appendix D GAO Report: Company Formations — Minimal Ownership Information Is
Collected and Available
Appendix E FinCEN Guidance on Obtaining and Retaining Beneficial Ownership
Information
Appendix F FinCEN Advisory to Financial Institutions on Filing Suspicious Activity Reports
Regarding Trade-Based Money Laundering
Appendix G FAQs About 31 CFR
Chapter X
