ML/TF Risk Assessment For Neobanks

MitchellFeburary 17, 2020


Perform a Risk Assessment

ML/TF Risk Assessments make up the foundation of any good AML/CTF Program, bronID is here to help you get the foundations right.

A sector-specific ML/TF Risk Assessment is essential to protect your business and fight financial crime. To learn more about how to conduct a risk assessment see the blog;

Conduct an AML/CTF Risk Assessment

Ask the right questions

The bronID adviser can keep you up to date with the most relevant money laundering and terrorist financing risks relevant to your business.

Each risk assessment is tailored to your sector and business. A dynamic online ML/TF risk assessment flow will enable your business to update its risk matrix online and in real-time. Ideal for constantly evolving technology-based sectors such as Neobanks which require strong AML/CTF systems.

Learn the ML/TF risk specific to your industry

The bronID risk methodology behind your ML/TF Risk assessment will remain up to date with the most recent recommendations to your sector, based on global compliance recommendations.

Neobanks Regulatory Guidance

Sector-Specific Risk Assessment Questions

The bronID risk assessment questionnaire will assist your business in understanding and mitigating the ML/TF risks immediately relevant to your sector. With sector-specific guidance, your business can be confident in its risk-based approach to AML/CTF legislation.

Here are a few sample questions included during the risk assessment process:

  • What is the total number of employees that execute an AML/CTF function?
  • How likely is the product or service that you are operating to be used for laundering the proceeds from cyber-crime?
  • Can customers use agents or open "on-behalf accounts"?
  • Do you provide instant payments?
  • What is the demographic your product is targeting?
bronid risk assessment

Reduce your risk of money laundering by using the recommendations and controls built into the bronID Adviser Package

During the bronID risk assessment procedure, you will have the opportunity to control and reduce the ML/TF risks posed to your business using the bronID control bank which includes techniques such as customer due diligence, PEP and sanctions screening and transaction monitoring.

Sign up to the bronID portal and begin your AML/CTF compliance journey with a bronID ML/TF Risk Assessment today!

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