ML/TF Risk Assessment For Money Service Businesses and Remitters
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;
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.
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.
Money Service Businesses and Remitters Regulatory Guidance
- FATF Guidance, Risk-Based Approach for Money or Value Transfer Services
- AUSTRAC Remittance Service Providers Risk Assessment.
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:
- Which jurisdictions do you plan to remit money to? Are these jurisdictions of high risk?
- Do you work with any third parties and intermediaries to provide the transfer of money?
- How do you perform due diligence on your customers?
- What is the total number of employees that execute an AML/CTF function?
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!