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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Guidelines

Risk Identification

Comprehensive Evaluation of ML/FT Risks

1. Risk identification involves thoroughly and specifically evaluating Money Laundering/Financing of Terrorism (ML/FT) risks faced by a financial institution.
2. The evaluation should consider:
   • Products and services offered
   • Transaction types
   • Countries and geographic areas of transactions
   • Customer attributes
   • Other relevant factors
3. The Board should take the lead in ensuring that risk assessment is conducted annually or when significant events occur.

Risk Mitigation

Collecting and Verifying Customer Information

1. Risk mitigation involves collecting and verifying information about specific customers’ profiles and activities to mitigate identified risks.
2. Customer Due Diligence (CDD) refers to a series of processes in which a financial institution collects, verifies, and compares customer information with risk assessment results to determine necessary mitigation measures.
3. Enhanced measures are required for high-risk customers, while simplified measures can be applied for lower-risk customers.

Customer Due Diligence (CDD)

Identifying and Assessing ML/FT Risks

1. CDD involves identifying and assessing ML/FT risks related to a specific customer.
2. It reviews customer information in light of risk assessment results to determine necessary mitigation measures.
3. CDD is the core element of risk mitigation measures.

Implementation of Risk Mitigation Measures

The guidelines emphasize that financial institutions should implement risk mitigation measures individually and specifically for each customer and transaction, considering their unique circumstances and referencing relevant domestic and foreign authority information.