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What constitutes the risk-based approach?

Article ID: 2948
Last updated: 10 Jun, 2019

The risk-based approach involves:

  1. identifying the money laundering risks that are relevant to a business.
  2. carrying out a detailed risk assessment of businesses, focusing on customer behaviour, delivery channels, etc.
  3.  carrying out risk assessment of customers.
  4. designing and putting in place controls to manage and reduce the impact of these risks.
  5. monitoring the controls and improving their efficiency.
  6. keeping records of what you did and why you did it.
Article ID: 2948
Last updated: 10 Jun, 2019
Revision: 1
Views: 95
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