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