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How to conduct a Business and Customer Risk Assessment

Updated: Sep 20, 2022

Business Risk Assessment

A business risk assessment provides visibility of the levels of AML risks within your firm to demonstrate the application of a risk-based approach.

The outcome of the BRA is an AML risk rating for you and the organisational chart of business units is differentiated into high, medium or low risk. The BRA evaluates the AML risks faced by the business and demonstrates that it allocates resources according to the risk-based approach.

Remember, under the 2007 AML Regulations, JMLSG Guidance and FSA SYSC Chapters 3 and 6, firms are required to identify their money laundering risk.

Other elements of the BRA include:

  • Allowing you to assess whether resources are being allocated appropriately and effectively