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AML Risk Assessment Form

AML Risk Assessment Form Template for Nigeria

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Key Requirements PROMPT example:

AML Risk Assessment Form

"I need an AML Risk Assessment Form for our newly established fintech company in Nigeria, which will be launching digital payment services in March 2025. The form should specifically address cryptocurrency transaction risks and international money transfer services."

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Document background
The AML Risk Assessment Form is a critical compliance document required by Nigerian financial regulators to assess and document an organization's exposure to money laundering risks. This document is mandated under the Money Laundering (Prevention and Prohibition) Act 2022 and related regulations, requiring organizations to conduct regular risk assessments of their operations, customers, products, and geographical exposure. The form helps organizations identify, assess, and document their specific money laundering risks, evaluate the effectiveness of their control measures, and develop appropriate risk mitigation strategies. It serves as both a regulatory compliance tool and a practical risk management instrument, helping organizations maintain appropriate AML controls while demonstrating their compliance commitment to Nigerian authorities.
Suggested Sections

1. Entity Information: Basic details about the organization including legal name, registration number, business type, and regulatory licenses

2. Business Profile: Overview of business activities, products/services, customer types, and geographical presence

3. Risk Assessment Methodology: Explanation of the risk scoring system and assessment approach used

4. Customer Risk Assessment: Evaluation of risks associated with different customer types, including PEPs and high-risk categories

5. Product/Service Risk Assessment: Analysis of risks associated with different products and services offered

6. Geographic Risk Assessment: Evaluation of risks based on countries/regions of operation and customer base

7. Channel/Distribution Risk Assessment: Assessment of risks associated with delivery channels and payment methods

8. Control Measures: Current AML controls and their effectiveness in mitigating identified risks

9. Risk Matrix and Overall Rating: Summary of risk scores and overall risk rating for the organization

10. Action Plan: Proposed measures to address identified gaps and enhance controls

Optional Sections

1. Transaction Monitoring Thresholds: For financial institutions: Specific transaction monitoring thresholds based on risk assessment

2. Correspondent Banking Risk Assessment: For banks: Evaluation of risks associated with correspondent banking relationships

3. Digital Services Risk Assessment: For organizations offering digital/online services: Specific technology and cyber risks

4. Trade-Based Money Laundering Assessment: For organizations involved in international trade: Specific trade-based ML risks

5. Virtual Asset Risk Assessment: For organizations dealing with cryptocurrencies or virtual assets: Specific crypto-related risks

Suggested Schedules

1. Risk Scoring Matrix: Detailed methodology for risk scoring including criteria and weightings

2. High-Risk Countries List: Current list of high-risk jurisdictions based on FATF and Nigerian regulations

3. Customer Risk Categories: Detailed breakdown of customer risk categories and associated risk levels

4. Control Assessment Checklist: Detailed checklist for evaluating effectiveness of AML controls

5. Transaction Monitoring Scenarios: List of scenarios and red flags for transaction monitoring

6. Regulatory Requirements Reference: Summary of relevant Nigerian AML regulatory requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Banking

Insurance

Securities and Investment

Real Estate

Cryptocurrency and Virtual Assets

Gaming and Casino

Professional Services

Money Service Businesses

Precious Metals and Stones Dealers

Non-Profit Organizations

Fintech

Microfinance

Relevant Teams

Compliance

Risk Management

Internal Audit

Legal

Operations

Customer Due Diligence

Transaction Monitoring

Financial Crime Prevention

Corporate Governance

Executive Leadership

Relevant Roles

Chief Compliance Officer

AML Compliance Manager

Risk Management Officer

Money Laundering Reporting Officer (MLRO)

Compliance Analyst

Internal Auditor

Risk Assessment Specialist

Chief Risk Officer

Regulatory Compliance Director

Financial Crime Prevention Officer

Due Diligence Officer

KYC Manager

Board Member

Chief Executive Officer

Operations Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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