This introductory guidebook for AML compliance provides an in-depth review of the pillars of the Bank Secrecy Act (BSA) and everything you need to build a risk-focused AML/CFT program, including:
BSA ebook: Building a risk-focused AML/CFT program | Part 1
Building a risk-focused
AML/CFT program
Part 1:
An in-depth review of the BSA pillars, risk assessments,
and regulatory expectations
Download this free training guide with best practices for establishing a risk-based AML/CFT compliance program.
Download Part 1 of our AML/CFT program guide
- Regulatory expectations and FATF and FFIEC standards
- Upcoming FinCEN AML/CFT program rules and predicted legislation
- Compliance case studies and an overview of whistleblower laws
- Common examiner findings that your financial institution can use to prepare
In this guide:
BSA/AML programs need strong policies, procedures, and processes to excel in proactive, dynamic risk management.
We outline best practices on many AML/CFT topics. Part 1 covers:
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A risk-focused AML/CFT program
Regulators adapt their scrutiny accordingly to a financial institution's unique risk profile, so comprehensive, board-approved risk assessments are crucial for identifying and mitigating risks, aligning resources, and ensuring program effectiveness. Is your AML department taking a risk-based approach?
Pillar-based exam preparation for your bank or credit union
Strong internal controls ensure operational continuity and regulatory adaptability. For example, compliance officers need authority, independence, and resources to oversee AML/CFT efforts. Staff training must be role-specific, current, and documented. Due diligence processes should identify and monitor higher-risk customers, beneficial owners, and suspicious activity.
Maintaining and enhancing your AML/CFT program
Continuing education for AML/CFT officers is vital, with certifications and industry events offering knowledge and networking opportunities. This chapter lists budget-friendly ways to offer continuing education and emphasizes that department sustainability depends on proactive planning, succession strategies, program calibration, and cooperation with other departments.
FATF and FFIEC standards
The Financial Action Task Force (FATF) focuses on combating terrorist financing, addressing deficiencies in high-risk jurisdictions, and regulating virtual assets. The Federal Financial Institution Examination Council (FFEIC) guidelines require institutions to allocate suitable resources, grant AML/CFT officers authority, and ensure compliance programs are risk-based and adaptable.
Legislation and regulation on the horizon
FinCEN’s long-anticipated AML/CFT program rule and new legislative action on cannabis banking will both be a gamechanger for financial institutions. Read the guide to learn about the ramifications of these expected decisions and what financial institutions should be doing to prepare.
Avoiding enforcement actions
Enforcement cases reveal how understaffing, poor documentation, and unresolved deficiencies lead to significant penalties. Institutions must prioritize hiring qualified staff, addressing regulatory feedback, and documenting compliance efforts. Download the guide for example cases and tips on avoiding fines and reputational harm.
