Two recent evaluations of third-party audits conducted on behalf of banks highlights an unresolved question in the compliance world: can you sometimes get what you pay for?
Compliance officers at smaller financial institutions say that meeting the independent testing requirements of an AML program can be difficult. But current and former regulators say there are ways to keep the entire audit or portions of it in-house, a cost savings, if institutions are creative.
Auditors that don't have experience with Bank Secrecy Act rules and regulations can make costly oversights and errors that may lead to enforcement actions or painful demands from examiners down the road, compliance professionals say.
Account history reviews are often expensive but their lengths can be negotiated, according to KPMG Forensic principal Darren Donovan.
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