A money laundering and terrorism financing risk assessment allow a business to identify and assess the level of risk posed on that business, daily. Conducting an ML/TF risk assessment is a critical part of the AML/CTF program.
A business will never have zero ML/TF risk. There will always be a level of risk and this risk is referred to as the inherent risk to the business.
NameScan provides a free risk assessment that allows you to understand the current ML/TF risk posed to your business. This assessment will take you about 15 minutes to complete and is completely free. This self-assessment asks questions based on your current AML/CTF program, under current legislation. Once completed you will receive a report outlining the risk of your current processes, allowing you to analyse and modify your current AML/CTF program.
If you are interested in a more comprehensive risk assessment, with the opportunity to consult with an ACAMS graduate please get in touch with us using the link below.
Conducting a risk assessment allows a business to identify weakness in their AML/CTF program. This is a key step to comply with AML/CTF regulations, as they change constantly to keep pace with new vulnerabilities arising within the industry.
When conducting a risk assessment there are four elements to consider:
- The type of customer the business engages with
- The type of product or service the business provides
- How the business provides that service or product
- The domestic and overseas jurisdictions the business operates within
A risk assessment needs to be conducted in a scheduled manner. This will allow the business to identify their ML/TF risk regularly and implement a protocol to limit the risk as best possible.
The methodology used to conduct the risk assessment must be flexible and able to adapt to the changes that affect your risk level. To ensure a businesses risk assessment is current, the ML/TF risk must be reassessed whenever the following occurs:
There are key steps that a business must follow when looking at implementing a risk assessment program.
Work with our accredited consultants to assess the money laundering and terrorism financing risk to your business.