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Compliance Auditing

In these challenging times, compliance audits are becoming more important to credit unions for a variety of reasons.  Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC), and Automated Clearing House (ACH) compliance are all required to be completed on an annual basis.

As you evaluate your compliance risk due to BSA and OFAC requirements, consider taking action to reduce it.  BSA requirements include tracking cash transactions and purchases of cash equivalents, as well as other recordkeeping and reporting requirements, including independent testing to assure compliance.  This testing must be completed by an organization or individual who understands the requirements and is independent of the credit union’s BSA program.

The importance of establishing an OFAC compliance program and audit procedures to verify it is obvious.  OFAC requires credit unions to take appropriate action to block, freeze or prohibit transactions with Specially Designated Nationals and Blocked Persons (SDN).  Penalties for noncompliance with BSA or OFAC can be extensive.

ACH audits are required to be completed by December 1 each year.  They are completed to assure compliance with the NACHA Operating Rules.  Whether your organization is only a Receiving Depository Financial Institution (RDFI) or also and Originating Depository Financial Institution (ODFI), these compliance audits are necessary.  They include a review of all applicable policies and procedures at your credit union.

Cindrich, Mahalak & Co. has developed programs for BSA, OFAC, and ACH compliance audits.  We have been completing these since they have been required, and update our programs on a regular basis as changes are necessary.

If you have needs in other areas, such as testing compliance with credit union policies, consumer regulations, or anything else, we can work with you to develop an appropriate review program.

We are prepared to help you meet your compliance requirements.

Compliance Audits:

  • Bank Secrecy Act(BSA)
  • Office of Foreign Assets Control(OFAC)
  • Automated Clearing House(ACH)
  • Regulatory/Policy Compliance

Working with you…………… Committed to your success