What is an AML risk assessment?

A risk assessment is the foundation of AML compliance—a very important first step in creating an effective and successful AML program. A quality risk assessment will drive the initial development of and improvements to an AML program by identifying the unique risks posed and then determining how they will be addressed so as to mitigate those risks.

Key elements for a strong risk assessment are knowing your products, your distribution, and your customers because no two life insurance companies are the same.

What can Currin Compliance Services do for you?

Many companies do not have the resources, expertise, or time to perform a risk assessment. We can do that for you by taking advantage of proprietary tools and extensive experience in insurance compliance and AML, which includes our own in-house Certified Anti-Money Laundering Specialist (CAMS), Mandy Bain. We can produce a risk assessment that will lay the foundation for a right-sized and effective AML program.

Don’t miss out on this series and upcoming topics, news, and announcements - join our email list and subscribe to our blog (click subscribe button in right margin). Coming up in part 2 we will talk about why a risk assessment is important and how it relates to drafting policies and procedures.