Customer Risk Assessment Program

Customer Risk Assessment Program Detailed Illustration

All the DNFBPs must identify, review, and understand the Money Laundering/Terrorism Financing risks to which they are exposed. The Customer Risk-Based Assessment is carried out to ensure that adequate information is collected from the prospective customer before providing services/goods. It will help the organisation understand if the associated risks are within its appetite.  Read more about risk-based approach in AML Compliance.

Customer Risk Assessment is based on various factors like:

Type of transaction/products/services
Delivery Channel
Place of Business
Mode of payment
Source of Funds
Customer Profile

The customer risk assessment must be carried out periodically as per the policy set forth by the organisation.

Click Here To Checkout More Illustration on AML UAE

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