A Risk-Based Approach to BSA/AML and OFAC Compliance
How much do you know about your third-party vendors? Could your subcontractors be laundering money used to finance drug cartels, terrorist organizations or other illegal activities? It’s not as far-fetched as you might imagine. Without your knowledge, your bank or credit union may be non-compliant with requirements in the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML).