BSA Compliance Practice exam

One of the major outcomes expected from an independent audit of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) program is the identification of weaknesses in controls. The primary purpose of such an audit is to ensure that internal controls are functioning effectively to mitigate risks related to money laundering and financial crimes. By revealing areas where the program may be lacking, the audit helps institutions understand their vulnerabilities and take corrective action to enhance compliance measures.

Recognizing weaknesses allows organizations to implement necessary adjustments, ensuring that their BSA/AML programs are robust and aligned with regulatory expectations. This not only improves compliance but also enhances the overall integrity of their operations in the financial system.

In contrast, other outcomes, such as reduced staff turnover, enhanced transaction processing speed, or increased lending capacity, are not direct results of an audit. While a stronger BSA/AML program may have secondary benefits in these areas, the core goal of the audit focuses on assessing and improving the effectiveness of compliance controls.