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.