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Important Considerations for Retaining Qualified BSA/AML Auditors
Increasingly, federal examiners criticize financial institutions for inadequate independent testing of their Bank Secrecy Act (BSA) and anti–money laundering (AML) compliance programs. As a result of examiners declaring many audits insufficient because of an auditor’s lack of expertise, financial institutions are learning the hard way that pennywisdom may lead to pound-foolishness when selecting outside auditors to perform independent testing. Authors Paul Osborne and Alan Abel discuss how financial institutions can avoid such problems by focusing on several critical issues when hiring outside auditors. Download PDF
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