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AML/CFT Risk Assessment Checklist

Financial institutions 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 institution to apply appropriate risk management processes to the BSA program to mitigate and manage risk and comply with AML/CFT regulatory requirements. Although each institution’s risk process will differ slightly, the best practice steps in this AML/CFT risk assessment checklist will enable your financial institution to understand and justify its risk-focused compliance program.

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

Download this checklist to learn:

  • How to identify risk categories for your unique financial institution
  • 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)

Looking for assistance enhancing your AML/CFT program? Learn how Abrigo’s experienced AML Advisory Team can identify your BSA/AML risk and evaluate the effectiveness of the controls in place.

Read more about How to Conduct an Exam-Proof BSA/AML Risk Assessment in our recent blog post.