Risk Assessment and Suspicion Indicators
The CMA issued instructions for implementation of the provisions for combating money laundering and financing terrorism for the companies operating in the field of securities No. 4/2020 and another No. 3/2020, instruction for implementation of the provisions for combating money laundering and financing terrorism for the insurance companies, brokers and agents based on its authority in its capacity as regulator. The instructions included the factors of risk assessment related to;
- Customer risk
- Countries and geographical area in which the customer resides and/operates
- The place of origination or destination of the transaction
- Countries and geographical area in which the licensed institution operates and/or practice the business (target markets)
- The nature of products, services and transactions offered and the delivery channels for products and services.
The institution shall understand the inherent risk, authentication of information, implementation of due diligence measures taking into account suspicion indicators of any customer or transaction of the National Centre for Financial Information.
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