your exposure to money laundering and terrorism financing;
your inherent risks by categories: client risk, geographic risk, product risk, structure risk;
your overall residual risk to the business; and
Drive your levels of
controls needed for your AML compliance programme.
Risk Assessments allow companies to assess their risk exposure and vulnerability to Money Laundering and Terrorism Financing. As required under the Money Laundering and Financing of Terrorism (Prevention and Control) Act (MLFTA) of Barbados, you need to have a Risk Assessment in place for your business. This is not to be confused with risk scoring each of your clients.
If your company needs a Risk Assessment, get in touch with Smith Compliance Consulting Inc. by email at: firstname.lastname@example.org.