Risk-Based Approach: AML Risk Assessment
To illustrate AML risks, your AML business risk assessment report is divided into five divisions. To summarise, the report details (1) The Nature, size and complexity of the business, (2) Customers (B2B & B2C), (3) Products / Services (transaction risk), (4) the Method of Delivering Products/Services and (5) Geography Risks. Furthermore, each division provides a heat map, a risk score, risk ratings of critical indicators, and a narration to explain the risks. The report explicitly provides detail of low to high-risk characteristics within business operations.