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#637232 - 11/10/06 09:56 PM Risk Assessment
csun Offline
New Poster
Joined: Dec 2005
Posts: 14
New York, NY
How often do you recommend institutions to perform OFAC and BSA risk assessment on existing customers?

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BSA/AML/CIP/OFAC Forum
#637233 - 11/10/06 10:36 PM Re: Risk Assessment
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
The customer base is scrubbed monthly for OFAC.
A full BSA Risk Assessment - on our entire bank and the services we offer - is done annually.

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#637234 - 11/13/06 02:12 PM Re: Risk Assessment
csun Offline
New Poster
Joined: Dec 2005
Posts: 14
New York, NY
Would your bank use the same procedures to re-assess existing customers? Can a simplified procedure be used for re-assessment? Any standard forms that I can download from the Internet?

Thank you in advance.

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#637235 - 11/13/06 04:17 PM Re: Risk Assessment
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
The risk assessment for the bank is different from the risk assessment on the customers.
Do a search on BankersOnline - I believe they have risk assessment forms that you can use.

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