BSA/AML/CFT Programs

Financial institutions are required to have a BSA/AML/CFT program that consists of certain fundamental components or pillars. These include having:

  1. Internal Controls
  2. Independent Testing
  3. A BSA Officer
  4. Training
  5. Customer Identification Program (CIP)
  6. Customer Due Diligence (CDD) Program

Some programs can get very complicated while others are pretty basic and it’s all dependent on your institution’s BSA/AML/CFT risk profile. Every institution is different which means a BSA/AML/CFT program should take things into account like an institution’s size, complexity, geographic location, product offerings, etc. While frontline personnel may not get very deep into the weeds with some of this, they do need to have a basic understanding of their institution’s program, identifying suspicious activity, reporting requirements, etc.

Kevin explains more in the video.

 

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Published
2024/02/28
Kevin Edwards

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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