AML Business Risk Assessment Services in Singapore
AML Business Risk Assessment
All businesses under the ambit of AML regulations in Singapore must protect their businesses against financial crimes. The best tool for it is to conduct regular business risk assessments. Risk assessment helps you identify ML threats your business is vulnerable to, the likelihood of its occurrence, and its impact on your company if the risk materializes.
Business Risk Assessment (BRA) considers the absolute risk that your business may face considering the factors such as customers, transactions, products or services, geographies, delivery channels, etc. Only after identifying risks and their impact can you develop and implement mitigation plans to manage these risks.
BRA is the first step in following the Risk-Based approach to tackle ML/FT crimes. This exercise considers the company’s information (qualitative as well as quantitative), along with the reports of the National Risk Assessment and the latest market trends. This assessment would help the business develop all-inclusive and relevant AML/CFT policies, procedures, and controls to fight against financial crimes.
BRA is the first step in following the Risk-Based approach to tackle ML crimes. This exercise considers the company’s information (qualitative as well as quantitative), along with the reports of the National Risk Assessment and the latest market trends. This assessment would help the business develop all-inclusive and relevant AML policies, procedures, and controls to fight against financial crimes.
AML Business Risk Assessment Process in Singapore
Contact the AML Singapore team
Cost-efficient AML services to protect your business against financial crimes.
AML Business Risk Assessment Steps
- Correspondence to the ad-hoc surveys
How AML Singapore can help you?
We have a team of risk experts and compliance professionals who study your business and offer tailored services for assessing your ML business risk. While doing so, factors like Singapore's AML laws, recommendations of FATF, your business statistics, and relevant information from your AML Compliance Officer aligned to the size and nature of your operations.