Compliance & BSA

Celeste Burton, Compliance Practice Director
Kevin Watson, BSA Practice Director

Compliance Practice

AuditOne provides a full array of Compliance audit services to a broad range of client types including banks, credit unions, mortgage companies, money service businesses, third party payment processors, security broker/dealers and others.

Through our independent sister firm, Insight Risk Consulting, we also offer customized monitoring and consulting services to assist management with developing and maintaining a sound compliance control environment, starting with the CMS (Compliance Management System).

AuditOne’s services are tailored to best fit the risk profile of each client, presently comprised of institutions that range in size from under $100 million all the way to $50 billion. Our Compliance subject matter professionals conduct more than 100 Compliance audits each year and possess a wide range of skill-sets, expertise and educational backgrounds, having served as regulatory examiners or as managers or executives in community or regional banks. Our expert staff maintain a variety of professional certifications including Certified Regulatory Compliance Manager (CRCM), Certified Internal Auditor (CIA) and other compliance and audit-related designations.

Our audit and consulting approach is designed to be scalable based on the growth and history of each client. AuditOne’s final reports, programs and supporting audit workpapers are known for their clarity and completeness and are continuously upgraded to reflect industry and regulatory changes.

You’ll see below a list of regular request items (regulations). But our library of Compliance audit programs includes many, many others – and periodically grows whenever we get a request for a regulation we’ve not previously audited.

Celeste Burton, Compliance Practice Director, with over 25 years of experience in the banking and auditing industries, has been with AuditOne since 2014. Previously she held positions at several California financial institutions. Celeste holds a BA in Accounting and Finance from the University of California at Berkeley. She has also attended the American Bankers Association National Compliance School and is a Certified Internal Auditor (CIA).

Key Compliance Audits

Compliance Management SystemRegulation CC – Expedited Funds Availability Act
Regulation B – Equal Credit Opportunity ActRegulation DD – Truth in Savings
Regulation C – Home Mortgage Disclosure ActRegulation GG – Unlawful Internet Gambling Enforcement Act
Regulation D – Excessive WithdrawalsRight To Financial Privacy Act
Regulation E – Electronic Funds Transfer ActFair Credit Reporting Act / FACT Act / ID Theft Red Flags
Regulation F – Limitations on Interbank LiabilitiesAppraisals – FIRREA
Regulation H – Flood Disaster Protection ActUDAAP Controls
Regulation P – Privacy of Consumer Financial InfoServicemembers’ Civil Relief Act
Regulation R – SEC Broker RestrictionsSAFE Act
Regulation W – Transactions with AffiliatesAdvertising and Website Compliance
Regulation X – Real Estate Settlement Procedures Act Community Reinvestment Act
Regulation Z – Truth in Lending Fair Lending

BSA/AML Practice

Our BSA/AML Practice services include independent testing (BSA/AML Program audits) and automated AML system validations for all the major third-party systems. We also provide AML consulting services such as look-back projects, policy and risk assessment development, professional advice and others.

AuditOne’s BSA subject matter professionals conduct more than 80 BSA audits and AML system validations each year. Our expert audit staff maintain related professional certifications including Certified Anti-Money Laundering Specialist (CAMS) and Certified BSA/AML Professional (CBAP).

Our BSA audit programs, reports and supporting workpapers are known for their clarity and completeness and are continuously updated. Reports provide clear descriptions of the completed tests, including sampling criteria (method, sample size, focal date/period, population size and characteristics). Based on a client’s risk profile, our audit program and workpapers are cleanly organized and provide clear mapping to the audit report.

Five Pillars of an Effective BSA Program

Our client scope of work is customized to cover all products, services, customer types and geographies and to ensure compliance with the Five Pillars of an effective BSA Program.

  • A system of internal controls to ensure ongoing compliance
  • Independent testing for compliance
  • Designation of a qualified individual responsible for coordinating and monitoring day-to-day compliance
  • Training for appropriate personnel
  • Appropriate risk-based procedures for conducting ongoing Customer Due Diligence (CDD) to understand the nature and purpose of customer relationships, to conduct ongoing monitoring to identify and report suspicious transactions, and on a risk-adjusted basis to maintain and update customer information

Kevin Watson, BSA Practice Director, with 30 plus years of experience in the banking and auditing industries (including a national CPA firm), has been with AuditOne since 2004. Previously he held Director, CEO, President, CFO, and Chief Credit and Compliance Officer positions at California financial institutions. Kevin holds an MA in Accounting from the University of Iowa, a BA from the University of Northern Iowa, and is a graduate of the Pacific Coast Banking School at the University of Washington. He is a Certified Anti-Money Laundering Specialist (CAMS).