OFAC issued guidance on sanctions compliance for instant payment systems, emphasizing a risk-based approach and innovative technologies.
#risk-based approach (rba)
Don’t risk your business.
Whereas risk assessment is considered as a complex procedure, basic steps and the right tools make it easier for businesses
Strengthen your business with greater control by using Customer Risk Assessment tools
risks associated with non-face-to-face transactions and the necessary precautions that financial institutions should consider to mitigate those risks
"Once a PEP, always a PEP" emphasizes the ongoing responsibility of individuals designated as politically exposed persons
Sectoral Risk Assessment refers to a process that enables companies to assess the risks associated with a specific sector of their business activities. In particular, it helps companies identify and manage the risks of money laundering and terrorist financing.
Difference between KYC and CDD, with KYC providing verified customer information and CDD assessing the risks associated with doing business with them.
The National Risk Assessment (NRA) identifies the primary concern for money laundering and terrorist financing risks that countries have.
On December 17, 2020, the UK Government published the 2020 UK National Risk Assessment (NRA) on money laundering and terrorist financing.