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Risk based approach the risk based approach rba is central to the effective implementation of the fatf recommendations adopted in 2012.
Definition risk based approach. Clients and business relationships footnote 1. What is the risk based approach rba. And make them the priority for controls policies and procedures. The risk assessment of your business activities and clients using certain prescribed elements.
Avoiding unnecessary activities and quality management bureaucracy. Products services and delivery channels. Between 2007 and 2009 in order to assist both public authorities and the private sector in applying a risk based approach the fatf has adopted a series of guidance in co operation with relevant sectors. A risk based approach means that countries competent authorities and banks identify assess and understand the money laundering and terrorist financing risk to which they are exposed and take the appropriate mitigation measures in accordance with the level of risk.
Done or calculated according to how much risk is involved. One can see why a risk based approach is so useful. In 2007 the financial action task force fatf had introduced a guidance called risk based approach to combating money laundering and terrorist financing outlining the importance of implementing the risk based approach as part of the aml program in banking and other industries. What is a risk based approach.
The definition of risk based approach is straightforward. The risk based approach is about companies adapting their quality management activities to the level of risk. A rba to aml cft means that countries competent authorities and financial institutions are expected to identify assess and understand the ml tf risks to which they are exposed and take aml cft measures commensurate to those risks in order to mitigate them effectively. In the context of ml tf a risk based approach is a process that encompasses the following.
You identify the highest compliance risks to your organization. Once your compliance program reduces those highest risks to acceptable levels you move on to lower risks. Done or calculated according to how much risk is involved.
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