What’s the cost of BSA/AML failures? Avoiding penalties with a comprehensive program
Abstract: Recent trends in Bank Secrecy Act / Anti-Money Laundering (BSA/AML) enforcement demonstrate how important it is for a bank to maintain a BSA/AML compliance program that’s commensurate with its risk. This article notes the steps required to maintain a comprehensive program and the penalties for failing to do so. The article also explains common compliance deficiencies, such as the failure to meet reporting and information-sharing obligations and to maintain adequate internal controls. A sidebar discusses how a community bank can conduct a risk assessment.