AML Risk Assessments With Click and Submit Reporting
Anti-Money Laundering Risk Assessments (AML Risk Assessments) can be complicated and time consuming. AML360™ provides options for reporting entities to automate the risk-based structured reporting. The technology or digital forms asssist businesses to meet AML/CF business risk assessments with compliance efficiency and affordability.
Maintain an AML RIsk Assessment With Digital Transformation
An Anti-Money Laundering Risk Assessment (an AML Risk Assessment) is the first step and an ongoing obligation to ensure Policy, Procedures and Controls remain adequate to reasonably and adequately manage ML/FT risks.
What Should AML RIsk Assessments Detail?
New Zealand’s AML/CFT laws require businesses captured by the AML/CFT Act to maintain an AML risk assessment.
The AML/CFT Act sets out at section 58 the minimum criteria that must be considered. These can be summarised as –
- Nature, Size & Complexity of Business
- Customer or Client Types (B2B and B2C)
- The Types of Products and/or Services Distributed
- The Methods Used to Distribute Products/Services
- Geographies dealt with.
The AML Risk Assessment should be reviewed at least annually to ensure any updates or regulations are captured.
AML Risk Assessments must incorporate considerations to the relevant Sector Risk Assessment(s).
Ultimately the AML Risk Assessment must inform business owners and the AML/CFT Compliance Officer of the risks that need to be mitigated, monitored and reported on.
Quality AML RIsk Assessments Can Prevent Compliance Breaches
If your AML/CFT Risk Assessment fails to identify material aspects of business operations that increase ML/FT risks, then the AML/CFT Program is likely to be weakened or even ineffective.
How much does an AML Risk Assessment cost?
AML/CFT Regulatory Technology results in costs being reduced by removing labour intensive processes.
AML360™ Regulatory Technology is designed to automate data capturing, monitoring and reporting.
As a risk-based management platform, AML360™ lessens the burden of meeting regulatory expectation.
How long does an AML/CFT Risk Assessment Take To Complete?
AML360™ provides several options to input data for the AML/CFT Risk Assessment Report.
The first option is to complete an online report that can be sent to an email. The form can be saved and reactivated when time permits.
The second option is to provide an Excel spreadsheet in AML360™ format for an instant data report.
The third option is to log into a Cloud account and commence the AML Risk Assessment module.
AML/CFT Risk Assessment Guideline
The AML/CFT Supervisors have provided a Guideline on AML Risk Assessments.
Internal Reporting and Reviews of Risk Evaluations
Ensure your business operates with a reasonable and reliable internal review process for evaluating adequacy of the AML Risk Assessment methodology.
Is there a Universal Approach to an AML/CFT Risk Assessment?
No. There is no standard or universal methodology for undertaking an AML Risk Assessment evaluation.
However, legislation and international standards from the Financial Action Task Force set out the minimum criteria that should be considered.
The primary objective is to ensure that the results of the risk assessment reasonably inform of risks.
AML RIsk Assessment Considerations
Further information can be accessed from amlriskassessments.com