In order to ensure the integrity of the financial sector, the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) prescribes that financial institutions must draw up, record and keep up-to-date an assessment of their integrity risks. Such a risk assessment must take into account the circumstances specific to the institution, such as the type and nature of the client, the product, the service, the transactions, the delivery channels and the countries in which the institution operates.
The risk factors help to determine the initial risk classification of a customer and thus give an indication of the probable depth of the customer due diligence. The outcome of the risk analysis forms the basis of the measures you must take to further reduce the risks of money laundering and terrorist financing.
The Systematic Integrity Risk Analysis (SIRA) is applicable to the mandatory risk assessment under the Wwft. While a risk assessment under the Wwft is limited to the integrity risks of money laundering, terrorist financing and circumvention of sanction regulations, the SIRA covers all forms of integrity risks.
More about performing a SIRACharco & Dique can help you conduct a customer integrity risk analysis. In doing so, we follow the following steps:
Conducting a risk analysis becomes a lot easier if you use compliance software Ruler. Ruler provides insight into your organization’s legal framework and gives an overview of the standards set for your organisation. In a few simple steps, you can make a risk analysis for each theme and subject in Ruler.
More about Ruler
