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Role of Business Risk Assessment: The Complete Guide
Role of Business Risk Assessment: The Complete Guide
Identifying and understanding the risk sources is essentially the first and foremost remedial action to fight money laundering and terrorist financing activities. For that reason, AML business risk assessment (BRA), also termed enterprise-wide risk assessment (EWRA), is introduced.
Business Risk Assessment is critical to a company’s AML compliance program. Its importance is also reflected in regulations such as the Prevention of Money Laundering Act and Rules and the IFSCA (AML, CFT and KYC) Guidelines, 2022 mandate carrying out a comprehensive AML Business Risk Assessment.
We have come up with this guide to highlight and spread awareness regarding the importance and role of AML business risk assessment.
By exploring its contents, you’ll know about the following:
- Basics of AML Business Risk Assessment
- How to identify the ML/FT risks your business is exposed to
- Developing a risk-based approach to prevent financial crimes
- Building a sound AML framework to manage the ML/FT risks
- How EWRA helps make more informed decisions, considering the risks exposed.
We have also answered the questions that are frequently asked in the context of business risk assessment. After reading this guide, you’ll know how implementing BRA will help your business ensure AML compliance and fight against money laundering and terrorist financing activities.
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We are committed to assisting proper enforcement of AML and CFT regulations to regulated entities in India by designing a personalised AML framework – policies, internal controls, and procedures – and ensuring effective implementation of the same.
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