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.
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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