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Enterprise-Wide Risk Assessment for Money Laundering & Terrorist Financing

Money Laundering and Terrorist Financing are among the major concerns that have been continually engaging the attention and efforts of the international community for over three decades. With a view to dealing with these issues in a coordinated and concerted manner most jurisdictions have adopted the standards laid down by the Financial Action Task Force (FATF). FATF and other FATF-style Regional Bodies are wholly devoted to monitoring the progress of their members in implementing necessary measures, reviewing money laundering and terrorist financing techniques and counter-measures, and promoting the adoption and implementation of appropriate measures globally.

The original FATF Recommendations of 1990 had proposed adoption of Risk Based Approach (RBA) with respect to some of the measures contained in the recommendations. The revised FATF Standards of 2012 specify that RBA should be an essential foundation to efficient allocation of resources across the anti-money laundering and countering financing of terrorism (AML/CFT) regime, and the implementation of risk-based measures throughout the FATF recommendations. The FATF standards require banks, financial institutions and other reporting entities to carry out risk assessment of money laundering and terrorist financing risks in their business operations in order to adopt appropriate mitigating measures based on the assessed risk.

In keeping with fulfilment of regulatory guidelines, reporting entities need to have such a risk assessment of its activities carried out by an external agency. This assessment typically cover products, channels, customers, and jurisdictions that are in the scope of activities of the institution and assist it identifying those parts of its activities that carry higher risks related to money laundering and terrorist financing, thereby enabling it to adopt the relevant RBA, thereby improving the effectiveness of its controls.

Market Assessment and Optimization

Fintelekt is well positioned to assist technology and consulting firms that wish to assess the potential for their products or services in the insurance, banking and financial services industries across Asia.

The consulting brief could be across a wide spectrum, such as:

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