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BSA/AML/CTF YOU NEED TO KNOW!
2020 EXAMINER MANUAL DRILL DOWN
BSA/AML/CTF YOU NEED TO KNOW!
2020 EXAMINER MANUAL DRILL DOWN
2020 EXAMINER MANUAL DRILL DOWN
2020 EXAMINER MANUAL DRILL DOWN
we are the only firm who is training per FinCEN standards
Every Firm that disagreed with us...was wrong:
We have always said "It isn't JUST Title 31"...They argued, derided and told our clients we were "wrong"...Here is directly from the Federal Register as of 2021:
I. Statutory and Regulatory Provisions
The legislative framework generally referred to as the Bank Secrecy Act (BSA) consists of the Currency and Financial Transactions Reporting Act of 1970, as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) (Pub. L. 107-56) and other legislation. The BSA is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, 31 U.S.C. 5311-5314 and 5316-5332, and notes thereto, with implementing regulations at 31 CFR Chapter X.
They said we were wrong about providing Client work drives-
Directly from the Federal Register:
"For purposes of the estimate of the AML program traditional annual PRA burden, FinCEN has made the following assumptions:
(a) The written AML program is stored as an electronic file. The estimated annual burden (5 minutes per Start Printed Page 83678financial institution) represents the administrative burden involved in processing the storage of the written program, and not just the time of actual electronic storage, which would be nearly instantaneous.
(b) Producing the written AML program electronically to regulatory or law enforcement agencies, upon their request. FinCEN estimates the annual burden of producing the written program at 5 minutes per financial institution. The estimated annual burden represents the administrative burden involved in producing the program upon request, and not just the time required to make the program available to the requestor for inspection (for example, the actual electronic transmission), which would be nearly instantaneous."
A Brief and not ALL Inclusive list:
So much that we have been saying and other firms have disagreed with is now being spelled out! The following is from the 2020 AML Law and Department of Treasury Examiner's Manuals:
We have been saying the Examiners will create a Risk Assessment if you don't have one:
"If the Financial Institution has not developed a BSA/AML risk assessment, or it is not adequate, examiners must develop one."
We have been saying that your Independent Review had to include Control Deficiencies and Compliance. According to the most recent manual, the Independent Review MUST:
"Determine whether independent testing addresses the overall adequacy of the BSA/AML compliance program, including policies, procedures, and processes. Typically, the report includes an explicit statement about the Financial Institution’s overall compliance with BSA regulatory requirements. At a minimum, the independent testing should contain sufficient information for the reviewer to reach a conclusion about the overall adequacy of the BSA/AML compliance program." Except that CPA firms and Consultants (NOT SCSU) include a non-performance clause in their engagement letters: “This engagement is not designed to provide assurance on internal controls or to identify reportable conditions, that is, significant deficiencies or material weaknesses in the design or operation of internal control. Accordingly, we have no responsibility to identify and communicate significant deficiencies or material weaknesses in your internal controls as part of this engagement, and our engagement cannot be relied upon to disclose the same. “ – that statement is in every single Letter of Engagement we have audited.
The list goes on and on, quite honestly...let us educate you about the entire set of Standards, Guidance & Best Practices the other firms prefer to ignore and mislead you about!
