The US Federal Financial Institutions Examination Council (FFIEC) released an updated version of its BSA/AML Examination Manual on April 15, 2020, which provides guidelines for examiners in assessing the adequacy of a financial institution's BSA-AML compliance program. The main theme of the current update can be summarized with the oft-used term risk-based approach to both BSA and AML compliance, as re-emphasized in previous public statements by regulators. This chapter highlights the need for taking a good look at one's risk assessment, as well as the importance of deploying scarce resources across areas with the highest risk in their particular financial institutions.