4.2.1. Risk factors to be considered for business risk assessment

In carrying out a business risk assessment as required under AML 4.1.1 a Relevant Person must take into account risk factors including:

• (a) its customers;
• (b) the countries or geographic areas in which it operates;
• (c) its products or services;
• (d) its transactions;
• (e) its delivery mechanisms, channels and partners;
• (f) the development of new products and new business practices, including new delivery mechanisms, channels and partners; and
• (g) the use of new or developing technologies for both new and pre-existing products.

4.2.2. Use of the business risk assessment

A Relevant Person must use the information obtained from its business risk assessment to:

1. (a) develop and maintain the policies, procedures, systems and controls required by AML 4.1.1;
2. (b) ensure that its policies, procedures, systems and controls adequately mitigate the risks identified;
3. (c) assess the effectiveness of its policies, procedures, systems and controls ;
4. (d) assist in allocation and prioritisation of AML resources; and
5. (e) assist in the carrying out of customer risk assessments under Chapter 5.