Beat 9 Common BSA/AML Weaknesses

Beat 9 Common BSA/AML Weaknesses

Tuesday, October 9, 2012

Is something missing from your bank's BSA/AML program?

Over the last several months, there have been headlines warning of increased scrutiny by examiners on BSA/AML and dire consequences for banks unprepared for their exams. Many financial institutions, both big and small, are being hit with enforcement actions and severe penalties.

Over the last few years, regulators and examiners had been concentrating their efforts on problems stemming from the recent financial crisis. But now the trend has turned back to money laundering and the Bank Secrecy Act. So be warned that even if your last exam went well or was even a non-event, don't have the same expectations for the upcoming BSA/AML exams.

Remember to evaluate and review your program for any weaknesses on a periodic basis.

What should you be looking for? What can you do to shore up your BSA/AML program to ensure you don't fall under the regulator's lash? Let's address nine of the most common weaknesses.

Read the full article on the ABA Banking Journal website.

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