OUR services

Assessment (Reassessment) of ML/FT Risks

for financial institutions, and not only for them...

ALL SERVICES

What is ML/FT Risk Assessment (Reassessment)?

Assessment (Reassessment) of Money Laundering and Terrorist Financing Risks is the process of determining and identifying risks and threats related to the legalization of criminal proceeds and terrorist financing, as well as analyzing and evaluating them. This process includes developing appropriate measures aimed at preventing the occurrence of such risks or minimizing their negative impact. Risk assessment helps companies accurately determine the risk levels of customers and transactions to apply appropriate monitoring and control procedures.

How should a risk assessment be conducted?

The process of assessing (re-evaluating) the risks of money laundering and terrorist financing consists of several main stages:
  1. Information Collection: The first step is to collect all necessary data about customers, their activities, operations, regions of operation, and the products and services they use. It is essential to consider the history of customers’ financial operations, their organizational structure, and ownership.
  2. Risk Identification: Based on the collected information, potential risks related to money laundering or terrorist financing are identified. These risks may include unclear funding sources, high-risk jurisdictions, specific industries, or certain types of transactions.
  3. Risk Assessment: At this stage, each identified risk is evaluated based on its threat level. Customers and operations can be classified into different risk levels (low, medium, high) using various criteria such as transaction volume, type of product or service, and connections with high-risk countries.
  4. Risk Analysis: After assessment, each risk is analyzed in detail to understand its nature and potential impact on the company. This includes analyzing possible scenarios and potential financial or reputational losses.
  5. Development of Risk Management Measures: Based on the analysis, specific measures are developed to mitigate risks. These measures may include enhancing customer verification procedures, implementing additional monitoring measures, or terminating cooperation with clients who present excessive risks.
  6. Implementation and Monitoring: Risk management measures are integrated into the company’s internal processes, and their effectiveness is continuously monitored. Regular risk reviews and reassessments are essential to adapt to changes in customer activity or legislation.
  7. Periodic Reassessment: It is important to periodically reassess risks as circumstances may change. This helps maintain the relevance of risk management approaches and ensures the timely identification of new threats.
This process enables the company to effectively manage risks and minimize potential negative consequences.

Advantages of Our Risk Assessment Approach

  • Comprehensive Approach: We consider all aspects of the company’s activities, including the type of customers, geographic risks, and the specifics of operations, enabling a detailed risk assessment.
  • Use of Advanced Technologies: We leverage modern technological solutions to automate the risk assessment process, allowing us to deliver accurate and timely results.
  • Adaptation to Legislative Requirements: Our methodology is based on current legal requirements and international standards, ensuring compliance with inspection results.
  • Expertise and Experience: Our specialists possess deep knowledge in the field of AML/CFT and have many years of experience working with companies of various profiles, ensuring a high level of professionalism.
  • Individual Approach: We tailor our solutions to each client’s specific needs, enabling us to accurately identify and mitigate unique risks for each business.
  • Continuous Support: After the assessment, we provide guidance and assistance in implementing recommendations, ensuring ongoing compliance with regulatory requirements.

Got questions?

Contact us in any convenient way for you. Or register for a free consultation

Telegram

confidentially

Email

[email protected]
officially

A call

traditionally

Free consultation