AML Risk Management

All banks and most financial institutions are required to have anti-money laundering (AML) programs in place within their organizations to detect and prevent money laundering and terrorist financing.  For many of these entities, an individual in-depth analysis of all customers, accounts, products and services in not very feasible, given that the numbers of each may be significant and more than the capacity of the organization to deliver.  Accordingly, a risk management program will help to identify and narrow down where the focus of attention should be. By identifying risks and basing decisions on factors that are related to higher risk elements, attention to addressing higher risk elements can be done more efficiently and more productively for the organization.  A good AML Risk Management program will also better satisfy regulatory requirements.