What is the primary function of a BSA Independent Auditor?

The primary function of a BSA Independent Auditor is to evaluate the effectiveness of the BSA/AML (Bank Secrecy Act/Anti-Money Laundering) program. This involves reviewing the institution's adherence to regulatory requirements, assessing the adequacy of policies and procedures, and determining whether controls are functioning properly to detect and prevent money laundering and terrorist financing.

The independent auditor plays a critical role in identifying weaknesses within the BSA/AML program and providing recommendations for improvement. This evaluation ensures that the institution is compliant with applicable laws and regulations, which is essential for mitigating risks associated with financial crimes.

The other choices do not align with the primary responsibilities of a BSA Independent Auditor. While executing customer transactions, assessing marketing strategies, and determining staff performance levels may be functions relevant to other areas of the institution, they do not pertain directly to the BSA compliance role or the specific objectives of evaluating money laundering controls and measures.