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AML/CFT Risk Assessment Checklist for Credit Unions

Credit unions must structure their compliance programs to be risk-based to ensure that AML/CFT compliance programs are reasonably designed to meet regulatory requirements. Understanding its risk profile enables the credit union to apply appropriate risk management processes to the AML/CFT program to mitigate and manage risk and comply with BSA regulatory requirements. Although each credit union’s risk process will differ slightly, the best practice steps in this AML/CFT risk assessment checklist will enable your credit union to understand and justify its risk-focused compliance program.

Please note: This is not an AML/CFT risk assessment template, because each credit union’s process will differ.

Download this checklist to learn:

  • How to identify risk categories for your unique credit union
  • Areas to consider when performing analysis for each identified risk category
  • Tips to help identify inherent vs. residual risk for each risk category
  • Things to review to help assess OFAC risk at your institution (may be included in BSA risk assessment or a standalone document)