AML / CFT Risk Assessment and Programme 2017-06-27T16:21:19+00:00

AML / CFT Risk Assessment & Programme

The foundations of yourAML/CFT compliance regime.

Your Risk Assessment and Programme are the foundation of your AML/CFT regime. A risk assessment identifies the ML/TF risks in your business, and your programme manages and mitigates those risks. It’s easy to create risk assessment and programmes that meet your minimum requirements – it’s hard to create them in a way that makes AML/CFT effective and efficient in your business. What’s unique about Fiducia’s Risk Assessment is that it hones in on your specific ML/TF vulnerabilities.

What’s magic about Fiducia’s AML/CFT programme is that it clearly records your

  • Policies – the standards your business will adhere to,
  • Procedures – the way those standards will be carried out,
  • Controls – the way those standards will be measured for their effectiveness,

in a way that enhances rather than competes with your operations.

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CASE STUDY – AML/CFT Risk Assessment and Programme

A New Zealand vehicle financing company had a problem with their existing AML/CFT Risk Assessment.

It measured all of their customers and products as low risk. Because it didn’t provide specific information about potential ML/TF risks in the business, their dealership staff  were overwhelmed by needing to make those risk-basked decisions at the time of onboarding. This became a problem because customers were becoming confused and frustrated at what documentation they needed to provide.

Through the Fiducia Risk Assessment, we used the business’ data and guidance from the supervisors to clearly identify specific vulnerabilities that existed within their customers and products to clarify which clients presented a higher risk.

Dealerships now extract only the documents they need to fulfil their KYC requirements, creating more seamless and positive relationships with their customers.

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Hey! This fine print matters! Any content that you’re accessing here may be inaccurate, incomplete or outdated. The reasons for this include that only the New Zealand AML/CFT regulators can tell you what constitutes AML/CFT compliance. Their guidance continues to develop as the regime develops and matures. Your use and interpretation of any content on this site is your responsibility and is at your own risk. This content does not constitute investment or financial advice, taxation advice, accounting advice or legal advice, and use of our services does not establish a fiduciary relationship of any kind.  See Section 9 of our Terms and Conditions for all information relating to your use of the content on this site