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.

Published
2024/02/28