SAN ANTONIO, Dec. 10, 2012 /PRNewswire/ -- LST Financial, Inc., a leading payment processing firm, today announced the Company has again successfully completed two important annual independent audits: the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control (BSA/AML/OFAC) audit; and an ACH audit as required by the National Automated Clearing House Association (NACHA), the standards body for ACH processing.
The BSA/AML/OFAC audit affirms payment processors and financial institutions conform to industry standard control activities and processes are in compliance with the standards established by the Federal Financial Institutions Examination Council. The independent auditor's report is issued at the conclusion of the examination and addresses compliance with all components of BSA/AML/OFAC, including the control environment, risk assessment activities, training and monitoring. While LST is not required to have this audit performed it has elected to do so over the past several years to demonstrate its on-going commitment to the financial services industry and its customers.
"At a time when full regulatory compliance is an absolute mandate for the financial services industry, LST's real time technology, end-to-end risk monitoring and management practices demonstrate our continued commitment to the highest levels of network security, system integrity and data management," said Greg Colton, Managing Director. "We are proud to have consistently achieved these significant compliance milestones over the last several years."
Specifically related to the processing of Automated Clearing House (ACH) transactions, the ACH audit is required by NACHA of third-party processors and financial institutions, and addresses a wide range of day to day operational issues including policies and procedures, separation of duties and documentation.
"Since our inception, we have been continually grateful for the trust placed in our staff, company and capabilities by an increasing number of clients to safely and securely meet their processing requirements in a fully compliant fashion. The best-in-class controls, safeguards and multiple layers of redundancy on which our technology and processing environment is built ensure our clients receive sustainable security, system performance and non-stop reliability."
Founded in 2007, LST Financial is entering its sixth year of operation and experiencing record growth in transaction volumes.
About LST Financial, Inc.
LST Financial, Inc. is a Tier 1, full service third-party financial processor offering a wide variety of payment processing solutions to financial institutions and businesses. LST specializes in ACH processing, payroll, federal tax payments, direct deposit, wire transfers, and ancillary services such as card programs, identity verification, criminal and business background investigations and custom software integration. LST Financial is a Microsoft Certified Silver Partner, a member of SWACHA, and the only payment processing member of the Online Lender's Alliance.
SOURCE LST Financial, Inc.