The AML Risk Assessment Report is a crucial compliance document required by UK legislation, particularly the Money Laundering Regulations 2017. It should be conducted when there are significant changes in business operations, at least annually, or when requested by regulators. The report evaluates various risk factors including customer profiles, geographical exposure, products and services, and delivery channels. It helps organizations understand their risk exposure, assess control effectiveness, and develop appropriate mitigation strategies. The assessment must align with FCA requirements and other relevant UK regulatory guidance.
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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
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