At the heart of any effective AML/CTF Program comes a clear understanding of how your business could be exploited by organised criminal networks based on the products and services offered, the channels these are distributed through, the types of customers your business deals with and the exposure to certain countries.
Does your business understand its risk exposure to money laundering and terrorism financing?
Many small and medium-sized businesses have the same compliance obligations as larger ones but often lack the resources and in-house expertise to develop ML/TF risk assessments or design, implement and maintain effective AML/CTF Programs.
Sound familiar? If so, you’re not alone, so we’ve created this factsheet on the key elements of an effective ML/TF risk assessment and AML/CTF Program for you to download.