Non-Resident Customer and Offshore Client Risk Assessment Checklist

Due to the rising financial crime associated with Non-Resident Customers, it is necessary to analyse their connection with high-risk jurisdictions. Even if you’re a member of the customer onboarding team, appointed as front-line staff, MLROs, Compliance Officer, or Transaction Monitoring Analysts, you need to assess, mitigate or report the risk linked to Non-Resident Customers. Here’s a “one-click-away” downloadable, “Non-Resident Customer & Offshore Client Risk Assessment Checklist ” + RACI Matrix to ease your compliance work.

This checklist is preferably designed to streamline AML Compliance teams’ roles and responsibilities, such as:

• Assessing the effectiveness of control measures surrounding non-resident or offshore customers, transactions, and counterparties to identify or detect any red flags indicating risk from non-resident customers.
• Identifying whether the Regulatory Reporting and AML training components are designed well enough to mitigate risks from offshore customers.
• Identifying process efficiency for red-flag detection around misuse of non-resident accounts for illicit money transfers across different jurisdictions, which might be indicators of underlying ML, FT or PF activities.
• Designing workflow, role clarity, task allocation, and task escalation for managing cases with risky cross-border clients.
• Ensuring timely filing of CNMR, PNMR, SAR, or STRs with UAE FIU through the goAML portal when red flags are detected.

Download this “Non-Resident Customer & Offshore Client Risk Assessment Checklist ” + RACI Matrix, whether you are a Financial Institution or DNFBPs in Dubai, Abu Dhabi or Sharjah, to ensure tracking of high-risk individuals or customers living outside the UAE to implement EDD, or other risk mitigation strategies for effective AML Compliance.