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Around the world, numerous legal initiatives require financial institutions to fight fraud, money laundering, and the financing of terrorism. These include guidelines from the Financial Action Task Force (FATF) and the Third/Fourth EU Money Laundering Directive, as well as national laws such as the USA Patriot Act.
Business risk assessment plays an important role in the prevention of financial crime, forming the basis for any institution’s anti–money laundering/ counter-terrorism financing (AML// CTF), and fraud programs. These programs include measures such as the definition of the institution’s policies and procedures, training and internal controls, customer identification requirements, and IT-based research scenarios.