BSA/AML Platform
Simplify BSA/AML Assessments
AML360’s regulatory technology provides financial institutions with a simplified approach to complex regulatory obligations.
BSA AML Assessment Report
Banks governed by the Federal Financial Institutions Examination Council (FFIEC) must identify the inherent BSA/AML risks across their banking operations. This is the first step in developing an effective BSA/AML Program.
Risk Analysis
Nature, Size & Complexity
Customers (B2C and B2B)
Products/Services
Method of Delivery
Geographies
Features
Plug & Go
Qualitative Data
Quantitative Data
Heat Maps
Easy Updates
Case Management
Methodology Manual
Regulatory
Risk Based Approach
FFIEC Expectation
FATF Recommendations
Explanation of Risks
All Jurisdictions
Fully Customised
Inherent Risks
Every community bank faces some degree of inherent Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk. This inherent risk comes from a bank’s products and services, customers and entities, and the geographical locations in which the institution and its customers operate.
Effective BSA/AML compliance programs incorporate appropriate controls to mitigate these risks. It is only after these risks are identified, analysed and reported on, can a bank develop a compliance program tailored to and commensurae with its risk profile.
Understanding the inherent risks faced by the institution will determine how it approaches the four pillars of BSA compliance. These four pillars determine (1) the nature and extent of internal controls, (2) the scope of independent testing, (3) the skills and expertise required of the BSA compliance officer and (4) the focus of and approach to training.
Management Reporting
The board of directors and senior management are responsible for developing compliance programs tailored to the specific inherent risks of their institutions. This allows informed decision making when determining the nature and extend of mitigating controls, including investments in infrastructure and human resourcing.
Getting It Right
AML360 takes a dynamic approach to a BSA/AML assessment. The assessment analyses 60 areas across the institution. The report measures the extent of risks, provides information on why each aspect is considered and includes tips on what the BSA Program should consider in order to manage and mitigate the risks.
A risk rating is assigned to each of the 60 areas examined, as well as an overall risk rating under each primary category.
By adopting the risk based approach, the report allows institutions to evidence their compliance with BSA/AML regulatory obligations.
Advantages of RegTech
A BSA/AML assessment requires technical skills in risk management and AML/CFT. AML360’s Regulatory Technology (RegTech) embeds both categories of subject matter expertise into the technology. In doing so, institutions can significantly reduce the human resourcing component to conducting a BSA risk assessment.
We provide board members and managers with a cost effective platform to assess, improve and monitor BSA/AML risks.
