BSA | AML Topics

Bank Secrecy Act

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Bank Secrecy Act

Sterling will perform a Bank Secrecy Act Audit for the Bank that will satisfy the Bank’s independent testing requirement. The scope of the BSA Audit will encompass the Bank Secrecy Act and Anti-Money Laundering requirements and provisions as well as the requirements of related statutes, including the USA PATRIOT Act and OFAC guidelines. BSA/AML Audits may include:

  • BSA/AML Compliance Program Assessment
  • BSA/AML Policy and Practice Assessment
  • BSA/AML Risk Assessment
  • Customer Identification Program Assessment
  • Customer Due Diligence
  • Suspicious Activity Monitoring, Detection, and Reporting
  • Surveillance System Validation Review, as applicable
  • Currency Transaction Monitoring and Reporting
  • CTR Exemption: Phase I and Phase II
  • Information Sharing: Section 314(a)
  • Information Sharing: Section 314(b)
  • Purchase and Sale of Monetary Instruments
  • Funds Transfers
  • Cannabis Banking Program
  • Privately Owned ATMs
  • Electronic Banking
  • Remote Deposit Capture
  • ACH Transactions
  • International ACH Payments
  • Lending Activities
  • OFAC Compliance
  • Special Measures USA PATRIOT ACT, Section 311
  • Record Retention

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