26 April 2022, 16:23
Tagline
26 April 2022, 16:23
Tagline
A BRA is an annual assessment conducted by the MLRO to identify and assess money laundering risks to which its business is exposed, taking into consideration the nature, size and complexity of its activities.
The BRA must take into account any vulnerabilities relating to:
The outcome of the BRA must be presented to Senior Management of the firm. In addition, the outcome of the BRA must be reflected in the AML policies and procedures of the firm, if applicable.
The CRA is the risk-based assessment that must be undertaken by an licensed Financial Institution or a designated non-financial Business Provider DNFBP on a customer and the proposed business relationship, transaction or product. The results of the CRA determines the level of customer risk ratings, associated due diligence levels and frequency of reviews that must be undertaken in relation to that customer.
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