Anti Money Laundering Risk Assessment

The key driver of any AML Compliance Program is the Risk Assessment Report. A Risk Assessment is not required by Law or any Regulation, it is, however, a regulatory expectation and some argue a best practice in order to establish a Risk-based Compliance Program. From an AML Risk Management perspective, it's recommended to take an exhaustive inventory of your Products and Services, Customer and geographies where you conduct business; this informs the scope of the AML Compliance Program and the content of the Policies, Procedures and Internal Control framework. The AML Risk Assessment is the roadmap to develop the internal controls needed to protect the organization from Money Laundering and Terrorist Financing risk. The AML Risk Assessment informs your training program and drives the periodic testing of Internal Controls.