Why is it important to conduct Money Laundering Risk Assessments?

Many organisations, large and small, across a diverse range of industry sectors and jurisdictions are required to develop an anti-money laundering and countering the financing of terrorism (AML/CFT) program to identify, assess, mitigate and manage money laundering and terrorism financing (ML/TF) risks, when doing business in increasingly complex and global market places.

However, simply having an AML/CFT program is not enough - understanding the potential money laundering and terrorism financing risks that an organisation may reasonably face, in order to develop proportionate mitigating controls is essential for effective money laundering and terrorism financing risk management.

The Money Laundering Risk Assessment Tool provides a standardised process for performing risk assessments on the core requirements of an AML/CFT program to assist organisations in designing, implementing and maintaining robust policies, procedures, systems and controls to reduce risk and build strong lasting relationships among employees, customers, business partners and other stakeholders.

What is the Money Laundering Risk Assessment Tool?

The Money Laundering Risk Assessment Tool is the world’s first software-as-a-service (SaaS) cloud-based money laundering and terrorism financing risk assessment tool that helps organisations to identify, assessmitigate and manage money laundering and terrorism financing risks across the following dimensions and over 300 risk factors:

  • Customers
  • Products
  • Channels
  • Venues and places of business
  • Employees
  • Country / Territory / Jurisdictions

 

Risk assessments can be completed across all dimensions or can be limited to a single dimension only. After the risk assessment has been completed a PDF report is generated with an inherent and residual risk matrix, plotting the risk concentration across all risk factors.  The PDF report also contains a model assessment view outlining the actual score vs. maximum score and detailed user responses, which is stored as documentary evidence for independent audit purposes.

The Money Laundering Risk Assessment Tool tailors questions specific to over 25 different industry sectors.  It is fully customisable - questions, dimensions, scores and weightings can be added, modified or removed on an individual or grouped basis.

The product also contains a pre-configured country risk assessment, which has an overall country risk score assigned against 260 countries and territories, derived from over 25 reliable and independent sources and is a summarised version of another of our product offerings - www.countryriskassessment.com

To access the tool you will need to subscribe to this service which starts from just USD$1,999 for an annual license.  You can purchase additional end user licenses for just USD$299 per user, per year, as well as, consulting services to support you in using the tool, if required..

If you would like a free limited functionality, limited time trial version of the product click on the Free Trial button to register today.

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To view our product overview, please click on the PDF image below or to view a sample of the ML/TF Risk Assessment Report output click the report icon.

         

Key Features

Designed by Experts

Designed by AML/CFT subject matter experts with years of knowledge and practical experience running financial crime compliance programs, across a diverse range of industries.Learn More

Industry Best Practice

Leverages expert frameworks and guidance including from the Financial Action Task Force (FATF) and many others.Learn More

Peace of Mind

Provides Board and Senior Executives with the comfort that AML/CFT risks are fully understood and resources are focussed proportionately on the areas of greatest vulnerability first.Learn More

Easy to Configure

Over 300+ risk factors across different risk dimensions that can be easily enabled or disabled, with the ability to add or edit questions, change weightings and scores at a question or dimension level.

Risk factors have different levels of importance and these can be changed ‘on-the-fly’ and dynamically reflected in the risk assessment report.Learn More

Achieve Compliance

Most AML/CFT legislation requires organisation’s to conduct and maintain money laundering and terrorism financing risk assessments as a foundational component to the AML/CFT program.

Understanding and assessing ML/TF risk factors is an essential part of the process and ensures the AML/CFT program is built on solid foundations which meets compliance requirements.Learn More

Full Audit Trail

Easily document decisions taken during the configuration process to justify why questions were enabled or disabled, assigned certain scores or relative weightings at a group, category or sub-category level.

Add commentary explaining the rationale behind decisions. Generate a PDF ‘snapshot’ report of the assessment and retain audit history.Learn More

Money Laundering Risk Assessment – Solution Overview

AMLRAT-Wheel-High-Res

 

Why choose the AML/CFT Risk Assessment Tool?

  • Designed by AML/CFT subject matter experts
  • Leverages industry best practice guidance, frameworks and methodologies
  • Broad industry coverage across over 25 industry sectors
  • Fully customisable – add/edit questions, dimensions, weightings and scores
  • Easy to configure and deploy across your organisation
  • Identify control weaknesses and document action plans to address
  • Full audit trail including PDF snapshot reports
  • Demonstrate effective Board and Senior Management oversight
  • Cost effective way of managing AML/CFT compliance

A message from our CEO

We have designed the Money Laundering Risk Assessment Tool to assist anyone accountable for identifying, managing and mitigating money laundering and terrorism financing compliance risks to be able to perform a comprehensive risk assessment, so gaps and vulnerabilities can be easily identified and addressed.
Mr. Anthony Quinn, CEO, Financial Crimes Consulting