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AML Risk Assessment Report
"I need an AML Risk Assessment Report for our medium-sized fintech company that's expanding into cryptocurrency trading, focusing particularly on the new digital asset risks and our planned launch in March 2025."
1. Executive Summary: Overview of key findings and risk rating
2. Methodology: Approach used for risk assessment including scoring criteria
3. Business Risk Profile: Analysis of inherent risks in business model and operations
4. Customer Risk Assessment: Evaluation of customer types and associated risks
5. Geographic Risk Assessment: Analysis of jurisdictional risks
6. Product/Service Risk Assessment: Evaluation of risks in products and services offered
7. Control Framework Assessment: Review of existing AML controls and their effectiveness
1. Technology Risk Assessment: Detailed assessment of risks related to technology systems and digital operations, required for businesses with significant online presence
2. Third Party Risk Assessment: Assessment of risks arising from relationships with external partners and service providers, necessary when there is significant reliance on third parties
3. Sanctions Risk Assessment: Detailed analysis of sanctions-related risks, particularly relevant for organizations with international operations
1. Risk Assessment Matrix: Detailed scoring matrices used in the assessment process
2. Control Testing Results: Detailed findings from control effectiveness testing
3. Action Plan: Recommended remediation actions and timeline for implementation
4. Data Analysis Results: Statistical analysis and supporting data used in the risk assessment
5. Interview Log: Record of stakeholder interviews conducted during the assessment
Authors
Terrorist Financing
Risk Assessment
Inherent Risk
Residual Risk
Control Effectiveness
Risk Appetite
High-Risk Jurisdiction
Politically Exposed Person (PEP)
Customer Due Diligence (CDD)
Enhanced Due Diligence (EDD)
Suspicious Activity Report (SAR)
Risk Rating
Risk Factors
Control Framework
Risk Mitigation
Regulated Entity
Competent Authority
Ultimate Beneficial Owner (UBO)
Transaction Monitoring
Sanctions Screening
High-Risk Business Relationship
Risk Indicators
Material Change
Risk Matrix
Control Testing
Compliance Framework
Risk Methodology
Business Wide Risk Assessment
Financial Action Task Force (FATF)
Scope and Methodology
Governance and Oversight
Regulatory Framework
Risk Assessment Criteria
Customer Risk
Geographic Risk
Product and Service Risk
Distribution Channel Risk
Control Assessment
Gap Analysis
Data Analysis
Technology and Systems
Training and Awareness
Record Keeping
Reporting Requirements
Confidentiality
Review and Update Procedures
Risk Scoring
Remediation Actions
Monitoring and Testing
Third Party Risk
Sanctions Compliance
Resource Assessment
Recommendations
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