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The JFSC ask - Why is it essential for all businesses to carry out a Business Risk Assessment?


The JFSC ask –

  • Why is it essential for all businesses to carry out a Business Risk Assessment?

The FSC answer its question as follows.

  • A Business Risk Assessment (#BRAs) is a strategy document that helps to identify and, hopefully, protect your business from being exposed to money laundering or other types of criminal activity, such as terrorist financing. #AML #CFT
  • In essence, it’s a way of assessing how exposed your business may be to financial crime, but it also sets out how these threats and the associated risks of them occurring are countered or reduced. #financialcrime #risk
  • This is especially important for businesses which accept significant sums of cash or virtual currency by way of payment or may handle high-value or high-frequency transactions.

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