Run BSA/AML Independent Audit Preparation Checklist — Free

Audit Scope and Readiness

Audit period and entity scope documented critical (required)

Verify the review period, legal entity, branch coverage, and business lines included in the independent audit are clearly defined.

Yes No N/A

Independent tester engagement letter or assignment documented critical (required)

Confirm the independent testing engagement, scope, and reporting line are documented and available for review.

Yes No N/A

Prior audit findings and open issues tracked

Check that prior BSA/AML audit findings, management responses, and remediation status are compiled.

Yes No N/A

Current BSA/AML risk assessment available critical (required)

Ensure the most recent enterprise-wide BSA/AML risk assessment is available, approved, and dated.

Yes No N/A

Policies, Procedures, and Governance

BSA/AML program policy current and approved critical (required)

Confirm the written BSA/AML policy is current, approved by management or the board as applicable, and accessible.

Yes No N/A

Procedures for customer due diligence and enhanced due diligence available critical (required)

Verify procedures address customer identification, beneficial ownership, CDD, and EDD where required.

Yes No N/A

Board or committee reporting package available

Confirm recent board, committee, or senior management reporting on BSA/AML metrics, issues, and escalations is compiled.

Yes No N/A

Independent testing scope and methodology retained

Verify the testing methodology, sampling approach, and workpapers supporting prior independent reviews are retained.

Yes No N/A

Transaction Monitoring and Regulatory Reporting Logs

SAR log complete for audit period critical (required)

Confirm the Suspicious Activity Report log includes filing dates, case references, disposition, and status for the audit period.

Yes No N/A

CTR log complete for audit period critical (required)

Verify the Currency Transaction Report log includes reportable transactions, filing status, and exception handling.

Yes No N/A

OFAC screening hit log available critical (required)

Ensure sanctions screening alerts, true hits, false positives, dispositions, and escalation evidence are compiled.

Yes No N/A

Alert investigation and case disposition records available

Check that alert review records show investigation steps, rationale, and closure decisions for sampled cases.

Yes No N/A

Training, Staffing, and Competency

Annual BSA/AML training records complete critical (required)

Confirm annual training completion records are available for applicable employees, officers, and directors.

Yes No N/A

Role-based training for high-risk functions documented

Verify enhanced training exists for roles such as operations, onboarding, investigations, and sanctions screening.

Yes No N/A

Training completion rate

Enter the percentage of required personnel who completed assigned BSA/AML training on time.

Note (optional)

Training materials and attendance rosters retained

Confirm course materials, rosters, completion certificates, and make-up training evidence are retained.

Yes No N/A

Records, Retention, and Evidence Package

Evidence binder or shared folder organized by audit request

Verify documents are organized by request number, topic, or control area for efficient auditor access.

Yes No N/A

Record retention periods applied consistently critical (required)

Confirm BSA/AML records are retained according to policy and applicable regulatory retention requirements.

Yes No N/A

Supporting evidence for sampled items available critical (required)

Ensure supporting documents exist for sampled accounts, alerts, filings, investigations, and approvals.

Yes No N/A

Known deficiencies and remediation plan documented

Document any known deficiencies, root cause analysis, remediation owner, and target completion dates.

Yes No N/A

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Run: BSA/AML Independent Audit Preparation Checklist

Audit Scope and Readiness

Policies, Procedures, and Governance

Transaction Monitoring and Regulatory Reporting Logs

Training, Staffing, and Competency

Records, Retention, and Evidence Package

Get your results