RISK ASSESSMENT
What Is a Risk Assessment?
It is an analysis of the potential threats and vulnerabilities to money laundering and terrorist financing to which your business is exposed. The complexity of the assessment will depend on the size and risk factors of your business.
FINTRAC's compliance program requirements indicate that you must document and consider the following factors in your assessment: (a) your products and services and the delivery channels through which you offer them; (b) the geographic locations where you conduct your activities and the geographic locations of your customers; (c) other relevant factors related to your business; and (d) your customers and the business relationships you have with them.
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ABCsolutions has been supporting companies in assessing and managing money laundering risks well before regulatory requirements were introduced in 2008. We've developed a comprehensive Money Laundering Risk Matrix, tailored to the unique needs of organizations across a variety of reporting sectors. This tool assists businesses evaluate the specific risks associated with their products and services, ensuring they remain vigilant and compliant in an evolving regulatory landscape.
Some of the key features include:
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Each risk matrix is developed in consultation with the company's compliance officer.
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The risk matrix is customized to the client's service lines and customer base.
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Content is presented in a user-friendly manner and reflects the requirements specific to each company's compliance needs.
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The risk matrix has the potential to be uploaded to your data system and therefore is accessible by all authorized company personnel.
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The risk score can be calculated for every account opening and the services and products used by your customers.
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The risk assessment targets not only your local head office and customers but also at your branch offices and/or agents.​
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