Currency transaction reporting platform review

Every Bank, by regulatory requirements, must perform an independent, annual “test” (assessment) of the Bank’s currency transaction reporting mechanisms.  DIG has developed a detailed assessment program to review and identify regulatory risks within the bank’s currency transaction reporting platform(s). This comprehensive review program encompasses an end-to-end, targeted analysis of the Bank’s processes from source through to regulatory reporting.  DIG assesses numerous critical data, process, control, and risk components to reliably ensure compliance with BSA reporting guidelines. DIG documents all currency processes that require “aggregating,” creates process and data flow maps, and customizes an ongoing testing and monitoring control program. 

 Audits – independent, annual testing services

DIG completes extensive, annual CTR audits that encompass an end-to-end, targeted review of the Bank’s CTR processing to ensure the integrity and accuracy of currency transactions.  Moreover, these audits comply with regulatory requirements for annual, independent testing of processes, workflows, and data integrity.

 Risk management programs

DIG completes in-depth analyses of our client’s cash related business and products with a goal to ultimately establish an enterprise wide currency strategy. The DIG program includes, but is not be limited to addressing risk and exposure by reviewing the cash position vs. reserve requirements (account sweep efficiency), trending and analysis of cash inventory versus general ledger balances, review cash related systems for efficiency and impact on business, and benchmarking efficiency against peer groups. DIG’s services result in documented solutions, process improvements, and addresses cultural changes, etc…, to manage overall risk exposures within currency management.