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Exam Prep for Risk Based Exams

Question: 
We are a small, low risk financial institutions. Will I need to do anything different to prep for my next BSA exam?
Answer: 

Perhaps. Examiners will rely on your risk assessment to determine the level of money laundering and terrorist financing risk your customer base, products or services present to your institution. If the risk assessment is not detailed, you may find your examination scope unchanged and be similar to that of a larger high risk institution.

First published on 06/20/2021

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