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BSA/AML Risk Assessment Checklist

Financial institutions must structure their compliance programs to be risk-based to ensure that BSA/AML 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/AML program to mitigate and manage risk and comply with BSA regulatory requirements. Although each institution’s risk process will differ slightly, the best practice steps in this BSA/AML risk assessment checklist will enable your financial institution to understand and justify its risk-focused compliance program.

Please note: This is not a BSA/AML 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 BSA/AML 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.

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