Which option is the framework for ensuring BSA/AML compliance?

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Multiple Choice

Which option is the framework for ensuring BSA/AML compliance?

A BSA/AML Compliance Program is the framework for ensuring BSA/AML compliance. It provides the governance, policies and procedures, risk assessment, training, independent testing, and ongoing oversight that establish how a financial institution identifies, assesses, and mitigates money laundering and terrorism financing risk. Within this structure, tools like automated monitoring systems operate to flag potential activity, and processes such as identifying unusual activity and managing alerts are part of the day-to-day workflow used to review and escalate potential cases. Without a formal program, these tools and processes would lack consistent standards, ownership, and regulatory footing.

A BSA/AML Compliance Program is the framework for ensuring BSA/AML compliance. It provides the governance, policies and procedures, risk assessment, training, independent testing, and ongoing oversight that establish how a financial institution identifies, assesses, and mitigates money laundering and terrorism financing risk. Within this structure, tools like automated monitoring systems operate to flag potential activity, and processes such as identifying unusual activity and managing alerts are part of the day-to-day workflow used to review and escalate potential cases. Without a formal program, these tools and processes would lack consistent standards, ownership, and regulatory footing.

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