Bank Secrecy Act Independent Testing

Credit unions are required to conduct independent tests to stay in compliance with the Bank Secrecy Act (BSA.). Understanding what the Bank Secrecy Act requires and how to take corrective action can be challenging for credit unions.

At PolicyWorks, we have years of experience helping credit unions implement policies and procedures to stay in compliance with BSA. Our independent review finds any weaknesses in a credit union’s program, and offers recommendations for improvements through a detailed report.

Our Bank Secrecy Act Independent Test covers all BSA and OFAC-related sections of the AIRES questionnaire, including:

  • BSA Risk Assessment
  • BSA Staff Training
  • CIP/Due Diligence Program
  • Information Sharing Practices
  • Internal Controls
  • OFAC Compliance Program
  • Practices Relating to the Filing of CTRs and SARs
  • Qualifications of the BSA Officer
  • Record Keeping Practices
  • Resolution of Prior BSA Violations
  • Use of Third Party Service Providers in BSA Programs
  • Wire Transfer and International Transportation of Currency Practices