Internal audit plays a critical, yet independent, role in assessing an organization’s compliance with regulatory requirements and documented policies and procedures, as well as regulatory expectations. Internal audit also plays a significant and specific role in compliance with the Bank Secrecy Act (BSA) as the primary U.S. anti-money laundering (AML) law, or BSA-AML Compliance. The purpose of the BSA, aside from making money laundering more difficult to propagate, is to prevent banks from becoming unknowing intermediaries in illicit activity. This knowledge brief provides insight into the current requirements and expectations of internal audit as it relates to assessing BSA-AML Compliance, understanding trends and their implications, and understanding the constantly evolving practices.
Download Executive Summary