KYC/AML - How Financial Institutions Assess Customer’s Financial Crime Risks

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Money Laundering which has continued to evolve in scope and sophistication is a serious financial crime. This has been criminalised to take profit out of crime so that criminals won’t benefit from proceeds of their criminal activity. Financial institutions are required to proactively adopt strong and robust anti-money laundering and anti-terrorist financing measures/policy regimes that are compliant with global and local regulations. Therefore, it is mandatory that they assess the AML/ financial crime risks that a customer poses by carrying out appropriate customer due diligence (CDD). 

CDD encompasses knowledge, understanding and information…