Examiners focus on AML risk assessments
Washington, DC – US Bank Secrecy Act and anti-money laundering (BSA/AML) examiners are concerned that some banks do not conduct reasonable AML risk assessments before establishing an AML programme.
At the AML Enforcement Conference jointly sponsored by the American Bankers' Association (ABA) and the American Bar Association (ABA) held in Washington, DC, in early November, regulators said that with the new BSA/AML manual released in June, banks should perform new risk assessments.
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) said while a BSA/AML risk assessment is not required by any regulation, banks are expected to perform risk
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