AML 6.1.1

A Relevant Person must:

(a) take appropriate steps to identify and assess money laundering risks to which its business is exposed, taking into consideration the nature, size and complexity of its activities;
(b) when identifying and assessing the risks in (a), take into account, to the extent relevant, any vulnerabilities relating to:
(i) its type of Customers and their activities;
(ii) the countries or geographic areas in which it does business;
(iii) its products, services and activity profiles;
(iv) its distribution channels and business partners;
(v) the complexity and volume of its Transactions;
(vi) the development of new products and business practices, including new delivery mechanisms, channels and partners;
(vii) the use of new or developing technologies for both new and pre-existing products and services; and
(c) take appropriate measures to ensure that any risk identified as part of the assessment in (a) is taken into account in its day to day operations and is mitigated, including in relation to:
(i) the development of new products, services, business practices and technologies;
(ii) the taking on of new customers; and
(iii) changes to its business profile.
Amended on (15 April, 2019).