Analysis of Country Risks is Essential for AML Sanctions
Anti-Money Laundering Compliance Officers must know country risks and most importantly, the jurisdictions that are subject to AML Sanctions.
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Know Your AML Sanctions & Country Risks
Cross border transactions increase exposure to facilitating money laundering and/or financing of terrorism. Anti-Money Laundering Compliance Officers are expected to demonstrate knowledge of jurisdiction risks and identify those countries that are banned for trade due to AML Sanctions.
AML Sanctions - Data at Your Fingertips
The duties pertaining to an Anti-Money Laundering Compliance Officer (AML/CFT Compliance Officer) require the ability to quickly ascertain the risk status of jurisdictions and prevent trade with countries that are subject to AML/CFT Sanctions.
Country risk data should be readily available to inform on AML/CFT risks.
Know Your Country - AML Sanctions
Reliable and useful information pertaining to country risks is freely available from the website KnowYourCountry.com.
KnowYourCountry risk data includes money laundering, terrorism financing risks and data pertaining to AML/CFT Sanctions.
Basel AML Index - AML Sanctions
The Basel AML Index is updated annually and provides free information on country risks.
Though there is limited information on AML/CFT Sanctions, the Basel AML Index provides insightful charts on the risk status of jurisdictions with a focus on risks related to money laundering and financing of terrorism.
Corruption Perception Index
As stated in the title of the Corruption Perceptions Index (CPI), it focuses on measuring the likelihood of corruption occurring within a country.
As corruption is closely connected to money laundering and financing of terrorism, the CPI is another good country risk data tool for Anti-Money Laundering Compliance Officers to utilise.
Government Sources
Country government agencies responsible for international trade most often provide a list of their sanctioned entities.
OFAC Sanctions
The United States prohibits trade in the US dollar for persons, countries or business entities that are listed on OFAC AML Sanctions.
The US provides a FREE search tool for screening against OFAC AML/CFT Sanctions.
AML360 Country Risk Reporting
AML360’s Country Risk Reporting Tool can be used to consolidate data to provide a single risk rating for AML/CFT Sanctions, Financial Action Task Force Country Reports, Bribery and Corruption, Secrecy Havens, money laundering and terrorism financing country risks.