ANTI-MONEY LAUNDERING

The Evolution of the Bank Secrecy Act

AML Perspectives The Bank Secrecy Act (or “BSA”) has long been part of the regulatory landscape as a fundamental component of the safety and soundness process. In fact, most professionals who currently work for or with financial institutions do not recall when BSA was not a critical component of the financial institution [...]

The Continued Importance of Risk Assessment for Financial Institutions

AML Perspectives Prevailing FFIEC guidance indicates the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk assessment is fundamental to achieving an effective risk-based BSA/AML compliance program. In fact, the FFIEC BSA/AML Examination Manual emphasizes that examiners evaluate the financial institution’s risk assessment as part of the planning and scoping phase of the examination. [...]

2018-12-11T12:51:46+00:00November 20th, 2018|ANTI-MONEY LAUNDERING, FINANCIAL INSTITUTIONS|

The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Audit Revisited

AML Perspectives The challenges of BSA/AML compliance continue to evolve for financial institutions as they seek to meet heightened regulatory expectations in areas such as Customer Due Diligence (CDD) or in automating monitoring processes, all while effectively managing the associated cost of ongoing compliance. In the meantime, the Financial Action Task [...]