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.