Daniel P. Stipano Discussed “BSA/AML Risk Assessment: Building a Program to Evaluate Risk and Ensure Compliance” at NAFCU Webcast
An effective BSA/AML risk assessment is a vital step to building and maintaining a risk-based BSA/AML program, and efficiently managing compliance resources. In today’s data-driven world, “check the box” risk assessments no longer suffice. Your credit union’s risk assessment should be specific to your institution – it must identify the specific risk factors and categories, including your credit union’s products, services, customers, entities and geographies. In addition, your risk assessment must evolve as your credit union and membership changes.
This webcast provided a baseline understanding of how to perform an effective BSA/AML risk assessment that satisfies regulatory requirements and expectations.