A BSA/AML/OFAC compliance program must be commensurate with risk and in order to do so, financial institutions need a risk assessment.
Evaluating the risk profile of a financial institution includes the following risk categories:
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A BSA/AML/OFAC compliance program must be commensurate with the Company’s risk and in order to do so, financial institutions need a risk assessment.
The BSA/AML/OFAC Risk Assessment will allow you to have a better understanding of your overall risk. A risk assessment should be comprehensive and well documented.
When complete, an effective risk assessment should enable the financial institution to establish policies, procedures and internal controls to develop the company’s BSA/AML/OFAC Compliance Program.
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