Monitoring High-Risk Transactions
Your BSA/AML compliance program should identify all high-risk transactions. Despite the best efforts of your staff and software, they still likely miss many worrisome activities. As criminals persevere and money launderers adapt, you need to assess new risks continually.
A BSA/AML risk assessment generally involves two steps:
- Identify specific risk categories (such as products, services, customers, entities, transactions, and geographic locations).
- Conduct a detailed analysis of data to assess risk within these categories.
You need to complete both steps frequently to monitor your transactions methodically and document your monitoring program.
WHAT YOU’LL LEARN
- What is considered a high-risk transaction?
- How can you identify high-risk transactions?
- What can you do to mitigate the risks associated with high-risk transactions?
- How can you investigate high-risk activity?
- How should you document your system of internal controls?
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