Take Time to Revisit Your Bank Secrecy Act/Anti-Money Laundering Risk Assessment

Financial Institutions

July 01, 2014

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If you have Bank Secrecy Act (BSA) management responsibilities, it is important for you to have a good understanding of the BSA/Anti- Money Laundering (AML) risk assessment process. Your financial institution’s BSA/AML risk profile is determined through the completion of a risk assessment, and you should update your risk assessment every 12 to 18 months or sooner, depending on your financial institution’s risk profile or changing risks. Management must effectively identify the risks across all business lines of the financial institution to implement a sound BSA/AML program to mitigate the risks identified. When developing a BSA/AML risk assessment, your financial institution must first identify its own unique and specific risk categories and then perform a more detailed analysis of those risks.

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