Understanding Customer Risk Profiles

If you have employees that are new to BSA compliance or even banking in general, the concept of a customer risk profile might be a bit of a foreign concept. This is why it is important for new employees to be trained on BSA/AML within a reasonable time of their hire. While their first taste of BSA will likely be directly related to their day-to-day tasks, but eventually, they will need to understand the idea behind knowing your customer and how that helps you develop a customer risk profile which then ultimately helps you detect suspicious activity. Employees need an understanding that developing a customer risk profile is an ongoing process and as they learn things about your customers, where the information should go.

Kevin explains more in the video.


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Published
2024/05/22

 

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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Understanding Customer Risk Profiles
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