Money Laundering / Terrorism Financing Knowledge Base
Insight knowledge and AML/CTF Glossary set by AUSTRAC (Australian Transaction Reports and Analysis Centre)
ML/TF Risk Assessments
The core ethos of a money laundering and terrorism financing risk assessment (ML/TF Risk Assessment) is the risk-based approach (RBA). The principles of the RBA are that an organisation must identify, assess, and understand the ML/TF risks it faces and implement controls proportionate to that risk level.
The risk evaluation process is always 'active'. Flexibility and speed for implementing updates are crucial in order to meet regulatory expectation.
AUSTRAC references:
▶︎Money Laundering/Terrorism Financing Risk Assessment
▶︎Money Laundering National Risk Assessment (2024)
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