Banks and other financial institutions subject to Bank Secrecy Act and anti-money-laundering (BSA/AML) regulations are required to conduct annual independent audits of their AML compliance programs. Many institutions outsource or co-source this function since it is difficult to maintain the necessary expertise in the highly specialized areas of AML compliance and other diverse regulatory requirements.
Even large institutions with extensive resources often are challenged to stay up to date with evolving rules and regulator priorities. Of the four “pillars” of AML compliance – officers, training, internal controls, and independent audit – it is the audit that regulators most frequently cite as a weakness.
At Intersource our specialized AML Audit Team has conducted a wide range of independent AML tests for all types of firms and business activities. By utilizing specialized expertise in both AML and Auditing, our team offers important advantages including:
Comprehensive Capabilities - The
well-defined Intersource audit methodology is consistent with
regulators’ expectations including independent testing requirements
associated with the BSA and the USA PATRIOT Act, the Office of Foreign Assets Control global sanctions, and various state-level requirements.
Responsive Approach - Recognizing that each client is different, Intersource quickly can tailor audit programs (including work papers, tools, and scoping processes) to meet clients’ unique needs. Intersource offers full outsource services or will co-source the effort with a financial institution’s own audit team.
Strategic Perspective - The Intersource team’s goal is to be a resource to clients on an ongoing basis and to be available for questions throughout the engagement, not just during audit fieldwork.