AML/CFT GUIDELINES ON RISK BASED APPROACH FOR BANKS & DFIs

The essence of these new AML Guidelines is the need to focus on areas where related risks are relatively high in order to allocate resources in the most effective way. Accordingly, the Guidelines are aimed at providing enabling environment for effective implementation of risk based approach considering banks’ internal policies, procedures and risk parameters.

Banks/DFIs may conduct their internal money laundering and financing of terrorism risk assessments (for their customers, products & services, transactions channels and geographic areas) with the purpose to develop their own policies and procedures, in order to identify, assess, manage and mitigate related risks on ongoing basis.

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