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Risk Assessment

BSA/AML regulations mandate that your policies, procedures, and controls are risk-based. To get started with your compliance efforts, you must conduct an ML/TF risk assessment. Our proprietary ML/TF risk assessment methodology includes assessing hundreds of money laundering and terror financing risks, analyzing your firm's exposure to each one and evaluating their potential implications.

About the service

Background and requirements

An ML/TF risk assessment is a process where your organization looks at the potential risks of money laundering and terrorist financing activities within the business. This process helps the organization identify areas where it may be vulnerable to these illegal activities and then develop plans to prevent or minimize these risks. This generally involves looking at things like the organization's products, services, customers, and geographic locations to assess the level of risk. The organization should document the assessment and communicate it to the personnel and management to ensure that everyone knows the risks and how to apply relevant policies, procedures and controls to reduce them.

Our services

We have developed an ML/TF risk assessment methodology that follows regulatory guidance and international standards. This methodology examines a wide range of risk factors specific to your industry, allowing us to identify the potential risks that your organization may face in regard to money laundering, terrorism financing, and other illicit activities. Once we identify the underlying risks, we will design and implement mitigation controls to help your organization effectively reduce these risks to ensure compliance with regulatory requirements and prevent financial crime.

What’s included?

We will provide a complete ML/TF risk assessment report that includes the evaluation of two types of risk: Business Risk and Regulatory Risk. Business Risk is the risk of your organization being exploited for money laundering or terrorism financing, while Regulatory Risk is the risk of non-compliance with AML laws and regulations. The assessment breaks down Business Risk into six categories: Environmental Risk, Operational Risk, Product/Service Risk, Customer Risk, Delivery Risk, and Jurisdiction Risk. Each of these categories will include details for each calculated risk factor.

Our ML/TF risk assessment report includes

We will provide a complete ML/TF risk assessment report  that includes the: 

  • a detailed description of the used methodology
  • calculated inherent risk - the level of risk of money laundering and terrorism financing that is present in a situation or activity prior to any actions being taken to mitigate or manage that risk.; 
  • list of mapped or newly designed mitigation controls; and 
  • calculated residual risk - the level of risk that remains after the implementation of risk management procedures and controls, indicating the level of risk that is still present and has to be accepted by the organization.

Options and pricing

We understand that every business is unique and may have different needs and budgets when it comes to BSA/AML compliance. That's why we offer different packages to fit your specific requirements. With our flexible approach, you can choose to either conduct your own ML/TF risk assessment using our pre-made templates or opt for our full-service package, where our team of experts will take care of the entire process for you.

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Risk Assessment - Full Service

Work with one of our certified BSA/AML specialists to assess your organisation's ML/TF risk and develop appropriate mitigation strategies. ‍

What's included?

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Tailored ML/TF risk assessment
Check - Corporation X Webflow Template
250+ risk factors across 6 categories
Check - Corporation X Webflow Template
Tailored mitigation controls
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calculated inherent and residual risk
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20h adviser consulting work
starts from $2,000
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