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DNFBPs are required to identify, assess, and understand their risks in concert with their business nature and size, and comply with the following: (a) Considering all the relevant risk factors such as clients, countries or geographic areas; and products, services, transactions and delivery channels, before determining the level of overall risk and the appropriate level of mitigation to be applied. (b) Documenting risk assessment operations, keeping them up to date on on-going basis and making them available upon request.
The ultimate purpose for conducting a customer risk assessment is to develop your understanding of the ML/TF and PF risks generated by DNFBPs clients, so that, when interacting with higher-risk clients, you can more effectively allocate your resources and implement more robust controls to mitigate the risks associated.
This document is limited to customer risk assessment and needs to be read in conjunction with the AML/CFT Law, by-law, and the MO...