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Mario Treto, Jr., Secretary

Financial Institutions Compliance Tool Helps assess BSA/AML Risk

News Release – Wednesday, March 15, 2017

A new, voluntary tool to help banks and non-depository financial institutions better manage Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk is now available.

Developed by the Conference of State Bank Supervisors (CSBS) and state regulators, the BSA/AML Self-Assessment Tool aims to help institutions better identify, monitor and communicate BSA/AML risk. The tool is intended to reduce uncertainty surrounding BSA/AML compliance and support more transparency within the financial sector.

The BSA/AML Self-Assessment Tool builds on CSBS’s efforts to help banks understand their risk exposure to third-parties. Last year, CSBS released a white paper that outlines state supervision of money services businesses.

FOR IMMEDIATE RELEASE

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