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Right-size your BSA/AML model risk management

July 14, 2021 Article 1 min read
Authors:
Robert Bondy Brad Birkholz Troy Snyder

Many financial institutions have questions about the recent interagency statement on BSA/AML model risk management. We share some key takeaways and steps to help your organization right-size its BSA/AML model risk management practices, originally published in Bank Director magazine.

Younger adult using an ATM machine on the street to withdraw money.The recent Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Compliance is raising questions among some financial institutions. In “Right-size your BSA/AML model risk management,” we share:
  • Common pitfalls related to under-management and over-management.
  • Managing third-party relationships.
  • Tailoring your BSA/AML model risk management practices.

Ensure your financial institution is dedicating the right resources to BSA/AML system model risk management. 

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