bank secrecy act / anti-money laundering (bsa/aml) compliance

INDEPENDENT TESTING Should be conducted by the internal auditdepartment, outside auditors, or other qualifiedindependent parties – at least every 12 to 18 months. Results reported to the board. Risk-based, covering all of the credit union’s activities. Program effectiveness Risk assessment evaluation Personnel knowledge and adherenceBSA COMPLIANCE OFFICER(S)Board of Directors must designate a qualified employee(s) toserve as the BSA compliance officer24