Use Case for Bank Secrecy Act / Anti-money Laundering
A well-developed BSA / AML risk assessment will assist in identifying the bank’s risk profile in this area. Understanding the risk profile enables the bank to apply appropriate risk management processes to the BSA/AML compliance program to mitigate risk. This risk assessment process enables management to better identify and mitigate gaps in the bank’s controls. The risk assessment should provide a comprehensive analysis of the BSA/AML risks in a concise and organized presentation and should be shared and communicated with all business lines across the bank, board of directors, management, and appropriate staff; as such, it is a sound practice that the risk assessment be reduced to writing.
Who Should Assess the Risk? BSA Officer, Operations Administrator, Chief Operating Officer, Compliance Officer