Audit Services

The League offers a range of dues-subsidized onsite audit work for affiliated credit unions. Audit services can help ensure your credit union is in compliance with the ACH Rules, BSA, CIP and OFAC Requirements, SAFE ACT and website review requirements.

To learn more about the services offered and cost, please contact Judy Britt, VP-Compliance, at [email protected].

Audit Services Available

SAFE Act Audit
The SAFE Act requires that all credit union employees who act as Mortgage Loan Originators (MLO) be registered with the National Mortgage Licensing System and that the credit union designate a Program Administrator to monitor and ensure compliance with the requirements.

We will determine your CU complies with the requirements of the SAFE Act. We will review the process to identify and register mortgage loan originators in a timely manner; the adequacy of policy, procedures and documentation to ensure compliance with the requirements of the SAFE Act, and required training.

ACH Audit
The NACHA Operating Rules require all participating depository financial institutions, Third-Party Service Providers and Third-Party Senders to conduct an annual ACH Rules Compliance Audit each year. The ACH Audit can help you identify potential problems, correct them before an issue arises and limit your liability.

BSA, CIP and OFAC Audits
Congress enacted the Bank Secrecy Act (BSA) of 1970 to prevent credit unions and other financial service providers from being used as intermediaries for, or to hide the transfer or deposit of money derived from, criminal activity. The BSA requires financial institutions to maintain appropriate records and to file certain reports used in criminal, tax, or regulatory investigations or proceedings.

Money laundering detection and prevention are critical elements of a financial institution’s compliance program. An effective BSA program will help minimize exposure to transaction, compliance, and reputation risk and avoid the risk of fines and other enforcement actions by federal and state regulators.

The life cycle of a BSA program is to implement a BSA risk assessment, develop policy and procedures, establish internal controls to mitigate the identified risks, train and educate on the program, and test the program for compliance.

The League audit services can help with your BSA program by performing an audit/test of your existing program to comply with the program’s requirements.

Website Compliance Review
Ensure your website is compliant with all applicable federal regulatory requirements. We will conduct a review of your credit union’s website for compliance and regulatory related items to meet these requirements.