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Can you summarize Scoping and Planning > Developing the BSA/AML Examination Plan (2020)?
Scoping and Planning > Developing the BSA/AML Examination Plan (2020)
Short Summary
This document outlines the objective of developing and documenting the BSA/AML examination plan for banks. Examiners are required to review a bank’s BSA/AML compliance program during each examination cycle by conducting appropriate examination and testing procedures. The initial examination plan enables the examiner to establish the procedures needed to assess the adequacy of the bank’s BSA/AML compliance program and its compliance with BSA regulatory requirements. The plan should consider factors such as the bank’s risk profile, size or complexity, organizational structure, quality of independent testing, changes to the bank’s BSA/AML compliance officer or department, expansionary activities, innovations, new technologies, and other relevant factors. The plan should also include specific examination and testing procedures based on the bank’s products, services, customers, and geographic locations. Examiners may conduct various types of BSA/AML examinations or targeted reviews based on the bank’s risk assessment, independent testing, and previous examination findings. The examination plan should be communicated to the bank through a request letter, which includes specific items tailored to the areas to be reviewed. The examiner should review the request letter items provided by the bank prior to conducting onsite work.
Whom does it apply to?
Examiners conducting BSA/AML compliance program examinations at banks
What does it govern?
BSA/AML examination plan
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government