The Anti-Money Laundering Act lays down the obligations for the obliged entities to comply with. 

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If you are an obliged entity, you need to prepare a money laundering risk assessment for your own operations.

 

Risk-based assessment is one of the key concepts in the fight against money laundering and terrorist financing. Risk-based means that as an obliged entity, you identify, assess and understand the risks of money laundering and terrorist financing to which you are exposed in your own operations.

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As an obliged entity, you must prepare a written risk assessment that guides your own business operations. When preparing a risk assessment, you must take into account the nature, size and scope of your business operations. After assessing the risks, you will be able to dimension the measures required by the Anti-Money Laundering Act according to the risks you have identified.

 

Legal Folks is happy to help in every step of the process and preparing the risk assessment.