A well-designed business risk assessment program is the key to a successful anti-money laundering program. For companies with ineffective AML programs, avoiding the rigorous self-analysis necessary to strengthen AML capabilities is no laughing matter. It can be extremely expensive, as companies shelling out tens of millions of dollars to regulatory agencies as punishment for allowing transactions connected to drug smuggling and other illegal activity can attest.
An effective business risk assessment program will identify where you should focus, how things are changing, and where you need build-out areas. Without it, your AML program will be inefficient as well as ineffective.
