Overview

Sheshunoff Consulting + Solutions provides audit services that will enable your Institution to exceed examiner expectations and satisfy the independent testing pillars of the BSA/AML Program. Beyond ensuring your Institution fulfills complex regulatory requirements, our robust audit programs will assist your Institution with identifying key control weaknesses and inform you of improvements that should be made to align with industry best practices. Our audits cover the requirements outlined in the most recent version of the FFIEC BSA/AML Examination Manual and can be tailored to the risk profile of your organization. These include – but are not limited to – reviews and testing of the following:

  • BSA/AML Program policies, procedures, and controls
  • Enterprise-Wide BSA/AML/OFAC Risk Assessments
  • Organizational Training
  • CIP, CDD/EDD, and Beneficial Ownership
  • Customer Risk Rating and High-Risk Customer Reviews
  • Suspicious Activity Monitoring
  • Suspicious Activity Reporting
  • Patriot Act Information Sharing (314(a) and 314(b))
  • Currency Transaction Reporting and Exemptions
  • OFAC Screening and Resolution Processes
  • Recordkeeping and Record Retention Requirements
  • Corrective Actions taken to resolve prior Audit and Examination findings

Our seasoned BSA/AML Audit professionals have extensive backgrounds both as auditors and working directly within BSA/AML Departments at financial institutions. Using this deep subject matter understanding, we are able to readily identify and prioritize issues then provide practical and cost-effective recommendations to resolve them or mitigate their risks. In addition, we maintain an extensive set of proprietary audit programs that can cover a diverse array of higher risk areas (e.g., marijuana banking, third-party payment processing, etc.) and small to mid-sized banks and credit unions. Combined with our strong project management culture and efficient processes, our practice can ensure you keep your expenses low while keeping the quality of your independent testing high.