What are the 5 pillars of BSA AML compliance?
- a system of internal controls;
- independent testing;
- designation of a compliance officer or individual responsible for day-to-day compliance;
- training for appropriate personnel; and.
Considering this, what are the 5 pillars of BSA?
Implementing the Fifth Pillar of BSA: The Role of the Third Line of Defense
- Customer identification and verification.
- Beneficial ownership identification and verification.
- Understanding the nature and purpose of customer relationships to develop a customer risk profile.
Likewise, what are the pillars of AML? There are four pillars to an effective BSA/AML program: 1) development of internal policies, procedures, and related controls, 2) designation of a compliance officer, 3) a thorough and ongoing training program, and 4) independent review for compliance.
Also asked, what are the five pillars of an effective BSA AML program?
For many years AML compliance programs were built on the four internationally known pillars: development of internal policies, procedures and controls, designation of a AML (BSA) officer responsible for the program, relevant training of employees and independent testing.
What are the four key elements of an AML program?
The written BSA/AML compliance program must include the following four pillars:
- Internal controls;
- The designation of a BSA/AML officer;
- A BSA/AML training program; and.
- Independent testing to test programs.