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Arkansas State Bank Department

The mission of ASBD is to maintain a legal and regulatory structure for Arkansas's financial industry. This structure provides the public with convenient, safe and competitive banking, which fosters economic development within this State. Our mission is accomplished through efficient allocation of available human and other resources existing in our Examination, Information Technology and Administrative Services Divisions.

CSBS Releases BSA/AML Self-Assessment Tool for Banks and Non-depository Financial Institutions

Feb 2nd, 2017

The Conference of State Bank Supervisors (CSBS) has developed a Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Self-Assessment Tool for banks and non-depository financial institutions.

Although Bank Department examiners will utilize the tool as part of their review of BSA/AML at commercial examinations, use of the tool is optional for financial institutions.

“There is no regulatory expectation from the Arkansas State Bank Department that this tool be used,” Commissioner Candace A. Franks states in a memorandum issued to Arkansas state-chartered banks on February 1, 2017.  “It is simply offered as a supplement to the BSA/AML risk management program already in place at your institution.”

Links to the BSA/AML Self-Assessment Tool, instructions for its use and a narrated tutorial video are available here.

The tool, programmed in an Excel spreadsheet, can be customized to reflect each institution’s risk profile.  This can be done by adding areas of risk and risk definitions, and by adjusting risk weights.

The tool does not replace a bank’s required internal BSA/AML risk-assessment program, but is designed to facilitate communication of the results of the risk assessment.  Also, the tool should not be viewed as a substitute for the guidance and requirements included in the Federal Financial Institutions Examination Council’s examination manual.

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The State Bank Department was created by Act 113 of 1913. The Department is charged with regulating commercial banks with main offices in Arkansas. These 80 banks hold assets of $85.2 billion as of June 30, 2017. The Department also is charged with supervising the bank holding companies of Arkansas state-chartered banks; state-chartered trust companies; regional and county industrial development corporations; industrial loan institutions; and capital development companies. The Department operates to ensure the safety and soundness of, and public confidence in, these institutions and organizations.

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