Your financial institution is full of customers who require many types of services. The BSA exam identifies many services and customers as high risk for money laundering.
We will cover the high risk customers and services listed in the BSA exam manual and begin to see their impact into our AML program. We will look at what makes a customer or service high risk. What extra due diligence is required when the customer is high risk? And can the high risk customers and services impact your bank’s BSA risk rating?
- Nonresident Aliens and Foreign Individuals (NRA)
- Politically Exposed Persons (PEP)
- Embassy and Foreign Consulate Accounts
- Nonbank Financial Institutions and MSBs
- Professional Service Providers
- Nongovernmental Organizations and Charities
- Cash Intensive Business
- Bulk Shipments of Currency
- Electronic Banking
- Funds Transfers
- Electronic Cash
- Monetary Instruments
- Cannabis related businesses (MRBS and HRP)
- Third Party Payment Processors (TPPPs)