Building Blocks for an Effective AML Enterprisewide Risk Assessment

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The risks of money laundering for a financial services company are indisputable. The types of customers served, the products and services provided, as well as the geographic footprint of the company and location of its customers all pose risks. For decades, the Financial Action Task Force (FATF), governments and regulators, and industry bodies have emphasized that anti-money laundering (AML) risk assessments are foundational underpinnings of a sound AML compliance program.

This paper discusses the challenges associated with the AML enterprisewide AML risk assessment (EWRA) process along with possible solutions.

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