Customer Risk Assessment Program

Customer Risk Assesment-01

Customer Risk Assessment Program Detailed Illustration

All the DNFBPs must identify, review, and understand the Money Laundering/Terrorism Financing risks to which they are exposed. The Customer Risk-Based Assessment is carried out to ensure that adequate information is collected from the prospective customer before providing services/goods. It will help the organisation understand if the associated risks are within its appetite.  Read more about risk-based approach in AML Compliance.

Customer Risk Assessment is based on various factors like: 

  • Type of transaction/products/services
  • Delivery Channel
  • Place of Business 
  • Mode of payment
  • Source of Funds
  • Customer Profile

The risk assessment must be carried out periodically as per the policy set forth by the organisation.

Click Here To Checkout More Illustration on AML UAE