Business Risk Assessment
AML Business Risk Assessment
Designated Non-Financial Businesses and Professions (DNFBPS) and Financial Institutions (FIs) in UAE are required to carry out Anti-Money Laundering (AML) Business Risk Assessment (BRA). Business Risk Assessment, also known as Enterprise Risk Assessment, is the pillar of the risk-based approach (RBA). The AML Policy, procedures, and controls have to be in line with the business risk assessment. Higher the risk, higher the controls is the primary requirement of a risk-based approach.
Business Risk Assessment Methodology
We then go on to identify the risk factors and their likelihood and impact to choose areas to prioritize in terms of AML/CFT and the policies, controls, and procedures to apply to keep those risks in check.
Business Risk Assessment Process
Risk Assessment. Risk Management. Compliant.
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Risk Assessment Steps
Identify risk Scenarios
Analysis of Controls
Assess risk Appetite
Overview of the business
Analysis of scenarios
Determination Of Residual Risks
Determine Additional Measures
How can we help?
We help companies
- Design and implement compliance monitoring programs
- Draft customized AML policies, procedures, and manuals in line with legal requirements and the nature and size of the business
- Review AML policies, procedures, and manuals according to regulatory changes
- Assess AML compliance impact of regulatory changes
- Train internal staff on AML compliance requirements
- Conduct AML compliance reviews
- Select the right name screening software for AML compliance
- Carry out Business Risk Assessment
- Perform KYC and Customer Due Diligence
- Setup in-house AML compliance department
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