Independent Testing – Getting this Five Pillars Requirement Right

By Lexi Teodosio | August 14, 2020
The reputation of a financial institution (FI) relies heavily on the conceptual soundness of its BSA/AML compliance program. Furthermore, the integrity of a FI’s compliance department depends on its ability to identify gaps and deficiencies in its compliance program. A functional way to identify gaps and deficiencies in a BSA/AML compliance program is through independent testing (one of the five pillars of an effective BSA/AML compliance program[i]).
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