To protect the integrity of the Financial Sector, the Wwft requires financial institutions to create, document, and keep up to date an evaluation of their integrity risks. This risk assessment must consider institution-specific factors, including the customer’s characteristics, product and service offerings, transaction types, delivery channels, and the countries in which the organisation operates.
The risk factors help to work out how great a risk a customer might pose initially, giving an idea of how thorough the investigation needs to be. The results of the risk analysis are then used to decide what steps should be taken to lower the risks of money laundering or the financing of terrorism.
The Systematic Integrity Risk Analysis (known as SIRA) applies to the obligatory risk assessment under the Wwft. The SIRA addresses all forms of integrity risks where risk assessment under the Wwft is limited to the risks of money laundering, terrorism financing and circumvention of sanctions regulation.
Our experts can help you prepare a customer integrity risk assessment, following these steps:
Besides helping you to draft this, we can also review your customer integrity risk assessment to make sure it is as good as it can be. Our assessment draws on our extensive industry expertise, and we incorporate potential new scenarios driven by market trends and regulatory oversight.
Interested in learning how to run a SIRA for your organisation that will satisfy regulatory requirements? Then, follow our training, where we guide you through the process of creating your own SIRA.
Drafting a risk analysis is simplified by using our compliance software, Ruler. Ruler helps you understand the rules and regulations that apply to your organisation and identifies the standards you need to follow. With Ruler, it is a simple task to complete a risk analysis for different topics and areas.