State regulators and the Conference of State Bank Supervisors have released a new voluntary self-assessment tool to help banks better manage Bank Secrecy Act and anti-money laundering risk.
It is flexible and intended to be adapted to each institution’s circumstances and risk profile. The instructions state the tool is not a replacement for other aspects of an institution’s BSA/AML risk management program but is an optional supplement to that program.
The tool is meant to help institutions better identify, monitor and communicate BSA/AML risk, reduce uncertainty surrounding BSA/AML compliance and foster greater transparency within the industry.
"It is our hope that this tool helps institutions more effectively assess and internally manage their BSA/AML risks and thus reduce some of the regulatory burden associated with BSA/AML risk management," CSBS said in its press release.