How comprehensive must an internal and/or external testing program be to assure and monitor compliance with the BSA?
Answer 21: A casino or card club must conduct internal and/or external testing for compliance with a scope and frequency commensurate with the risks of money laundering and terrorist financing it faces, as well as the products and services it provides, to determine if a casino’s procedures are comprehensive enough to detect suspicious activity.68 The primary objectives of the independent testing of the BSA compliance program are to determine whether: (i) the program is properly designed and operating effectively to comply with suspicious and currency transaction reporting, identification, recordkeeping, and record retention requirements; (ii) there are material weaknesses (e.g., inadequate training) and internal control deficiencies; (iii) testing of the program is based on risk assessment criteria designed to focus on money laundering and terrorist financing as well as the products and services provided; and (iv) there is adherence to BSA policy, procedures, and systems. FinCEN is awa
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