The AML Risk Assessment Form is a critical compliance document required by Nigerian financial regulators to assess and document an organization's exposure to money laundering risks. This document is mandated under the Money Laundering (Prevention and Prohibition) Act 2022 and related regulations, requiring organizations to conduct regular risk assessments of their operations, customers, products, and geographical exposure. The form helps organizations identify, assess, and document their specific money laundering risks, evaluate the effectiveness of their control measures, and develop appropriate risk mitigation strategies. It serves as both a regulatory compliance tool and a practical risk management instrument, helping organizations maintain appropriate AML controls while demonstrating their compliance commitment to Nigerian authorities.
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1. Entity Information: Basic details about the organization including legal name, registration number, business type, and regulatory licenses
2. Business Profile: Overview of business activities, products/services, customer types, and geographical presence
3. Risk Assessment Methodology: Explanation of the risk scoring system and assessment approach used
4. Customer Risk Assessment: Evaluation of risks associated with different customer types, including PEPs and high-risk categories
5. Product/Service Risk Assessment: Analysis of risks associated with different products and services offered
6. Geographic Risk Assessment: Evaluation of risks based on countries/regions of operation and customer base
7. Channel/Distribution Risk Assessment: Assessment of risks associated with delivery channels and payment methods
8. Control Measures: Current AML controls and their effectiveness in mitigating identified risks
9. Risk Matrix and Overall Rating: Summary of risk scores and overall risk rating for the organization
10. Action Plan: Proposed measures to address identified gaps and enhance controls
1. Transaction Monitoring Thresholds: For financial institutions: Specific transaction monitoring thresholds based on risk assessment
2. Correspondent Banking Risk Assessment: For banks: Evaluation of risks associated with correspondent banking relationships
3. Digital Services Risk Assessment: For organizations offering digital/online services: Specific technology and cyber risks
4. Trade-Based Money Laundering Assessment: For organizations involved in international trade: Specific trade-based ML risks
5. Virtual Asset Risk Assessment: For organizations dealing with cryptocurrencies or virtual assets: Specific crypto-related risks
1. Risk Scoring Matrix: Detailed methodology for risk scoring including criteria and weightings
2. High-Risk Countries List: Current list of high-risk jurisdictions based on FATF and Nigerian regulations
3. Customer Risk Categories: Detailed breakdown of customer risk categories and associated risk levels
4. Control Assessment Checklist: Detailed checklist for evaluating effectiveness of AML controls
5. Transaction Monitoring Scenarios: List of scenarios and red flags for transaction monitoring
6. Regulatory Requirements Reference: Summary of relevant Nigerian AML regulatory requirements
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