Evaluation Of Suspicious Activity Monitoring Systems Essay

927 WordsOct 14, 20154 Pages
7. Refer to ACL GRC sections BSA-00 through BSA-46 for specific work papers and independent testing results. 8. Audit 's review of suspicious activity monitoring systems: •Internal Audit (IA) reviewed the monitoring systems in the review of various FCIU monitoring processes throughout the audit, including the policies and procedures used for each monitoring process. •An independent review of the BAM system was performed to test the system 's ability as part of the Banker’s Toolbox Type I Service Organization Control Report (SSAE No. 16) which concluded that "The controls related to the control objectives stated in the description were suitably designed to provide reasonable assurance that the control objectives would be achieved if the controls operated effectively as of October 31, 2014 and user entities applied the complementary user entity controls contemplated in the design of Banker’s Toolbox’s controls as of October 31, 2014". IA reviewed the reports generated by the BAM system, and the desktop procedures which includes the filtering criteria, as part of the review of various FCIU monitoring processes. •The filitering criteria of for the monitoring processes conducted by FCIU included high risk factors such as cash (e.g. Cash-Intensive Businesses), monetary instruments, fund transfers, and other high risk products (e.g. NRA mortgages), services (e.g. trade finance), customers (e.g. NBFIs), or geographies (e.g. RBRR), as appropriate. 9. The suspicious activity

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