Internal Controls

Internal controls consist of a credit union’s policies and procedures designed to identify, measure, monitor, and control ML/TF risks, and to comply with the BSA. The size, complexity, organizational structure, and risk profile of the credit union will generally determine the level and sophistication of its internal controls.

Examiners determine whether the credit union’s system of internal controls is designed to mitigate and manage its ML/TF and other illicit financial activity risks. Examiners will also verify ongoing compliance with BSA regulatory requirements.

For more information, see the BSA/AML Internal Controls section of the FFIEC BSA/AML Examination Manual.

Last updated on August 19, 2024