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Risk Assessment Guidance Document

The Payments Association sets out to enable access to and trust in payments so people can pay and get paid more easily, quickly and securely.

This is only possible if the risks attached to any payment are assessed correctly. And what ‘correctly’ looks like is not clear, especially relating to the assessment of the risks of money-laundering.

So, our team of volunteers on Project Financial Crime, supported by our Benefactor Refinitiv, asked the experts at Payments Association member fscom to clarify this in this Payments Association Guide to Risk Assessment.

The guide describes an AML risk assessment and why is it necessary. It describes an ‘EnterpriseWide Risk Assessment (EWRA)’ and a ‘Customer Risk Assessment (CRA)’. It then makes the case for why and how often a risk assessment should be conducted.

Thank you to everyone involved with this project, and especially to fscom for helping us close this gap in knowledge in payments. Please pass this on to anyone involved with assessing risk in payments, anywhere in the world.