A financial institution is designing an enterprise-wide risk assessment (EWRA).
According to the guidance issued by the Wolfsberg Group regarding a risk-based approach to identifying and managing money laundering risks, an effective approach should:
A.
Focus on understanding the risks presented by new clients within the assessment period, and the controls to mitigate associated money laundering risks.
B.
Include appropriate measures and controls to mitigate money laundering risks stemming from higher-risk customers, products, and geographies.
C.
Focus on the inherent risk in the FI's product and service offerings and the controls to mitigate potential money laundering risks.
D.
Use a framework provided by a third-party vendor and used by other FIs in the jurisdiction.
Chosen Answer:
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