Video on Factors for AML Enterprise Wide Risk Assessment
Video on Factors for AML Enterprise Wide Risk Assessment
The Enterprise Risk Assessment (EWRA)/ Business Risk Assessment is vital in ensuring AML compliance.
The reporting entities (Financial Institutions, DNFBPs and VASPs) shall conduct ERWA considering the relevant risk factors, their likelihood of occurrence, and countermeasures deployed.
It should help determine the level of risk exposure of the company. Based on EWRA, the entity needs to design its AML/CFT policies and procedures and lay down controls to counter the risks of ML/TF and remain compliant with AML regulations. The EWRA takes into account qualitative and quantitative aspects.
This video helps in understanding various risk factors:
- Customer risk
- Geographic risk
- Product/ Services risk
- Transaction risk
- Delivery channel risk
- Technology risk
- Other relevant risk factors depending on the nature and size of the business.
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