BSA/AML/CFT Risk Assessment
Risk assessments are more than just a box to check off on your compliance “to do” list, they are the backbone for identifying existing hazards and preparing for potential threats. We like to tell institutions to think of your risk assessment as both your sword and your shield. It’s your sword because it helps you proactively address areas of risk, cutting through potential problems. It’s also your shield in that it helps you protect your institution by demonstrating sound risk management practices.
While most financial institutions already have a risk assessment in place for BSA/AML/CFT, the
proposed regulatory updates based on the 2020 AML Reform Act are seeking to require institutions to complete and continuously update their risk assessment. This emphasis on risk assessments goes to show just how critical they are to your overall BSA/AML/CFT program.
Kevin shared a few tips regarding risk assessments during our recent AML/CFT Membership Group meeting. Have a listen:
2025/02/05
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).