6 Key components in an AML/BSA Compliance Risk Management Framework Program.



Anti-Money Laundering

What are the key components in an AML/BSA Compliance Framework Program ? #risksmartinc

A pictorial diagram of an effective Anti Money Laundering Program, describing the key components. A picture is worth a thousand words and in this picture the words are clean.

Under 31 CFR § 1022.210, an AML program must, at a minimum:

  • Incorporate policies, procedures, and internal controls reasonably designed to assure compliance with the BSA and its implementing regulations

  • Designate a person to assure day to day compliance with the program and the BSA and its implementing regulations

  • Provide education and training of appropriate personnel concerning their responsibilities under the program, including training in the detection of suspicious transactions to the extent that the money services business is required to report such transactions under the BSA

  • Provide for independent review to monitor and maintain an adequate program

Be smart make sure you have Risk Documentation that is current, objective and actionable.

John Thackeray