Regulatory risks

These risks are associated with not meeting the requirements of the AML/CTF Act. Examples of some of these risks include:

• customer verification performed incorrectly
• failing to train staff adequately
• not having an AML/CTF program
• failing to report suspicious matters
• not doing an AML/CTF compliance report
• not appointing an AML/CTF Compliance Officer.

A risk management worksheet can be used to list specific sources of risk that your business expects to encounter in each risk category. The worksheet may also be used in the risk assessment and measurement step to list the likelihood, impact and risk scores against its source.