To assist financial institutions in identifying, monitoring and communicating BSA/AML risk, the Conference of State Bank Supervisors (CSBS), a national organization of bank regulators, has released a voluntary tool FIs can use to mitigate uncertainties regarding BSA/AML compliance, as well as foster more transparency within the financial sector, according to the CSBS.
CSBS and BSA/AML subject-matter experts developed the BSA/AML Self-Assessment Tool to be adaptable to each institution’s circumstances and risk profile. The tool is intended to be an optional supplement to an FI’s existing BSA/AML risk management program that reduces the regulatory burden associated with BSA/AML risk management. Also, “the internal communication this tool encourages should lead to a more informed board and staff, reducing uncertainty and improving the institution’s risk posture,” according to the test’s developers. In addition to instructions, a narrated tutorial can be accessed on the CSBS Job Aids Webpage. The self-assessment tool builds on the CSBS’s white paper it released last year to help FIs work with money services businesses.
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