How to Complete the AML Risk Assessment for Trusts

Summary

This guide walks you through completing the digitized AML risk assessment for an organization as part of your KYB onboarding workflow.

When to Use This

Use this step after your initial compliance checks have returned. It allows you to evaluate inherent risks based on specific scenarios and automatically attributes a risk rating to the client.

Step-by-Step Instructions

1. Navigate to the AML Summary tab within your client's onboarding record.
2. Locate the Risk Assessment item in the checklist and click Complete (or Edit if previously started).
3. Review the digitized scenario-based risks, which are pulled directly from AUSTRAC inherent risk guidelines.
4. Select Yes or No for each scenario (for example, whether the entity operates in a high-risk country).
5. Review the automatically attributed risk rating (ranging from Low to High) based on your selections.
6. Click Update risk to save the assessment to the client's profile.

Common Questions

• Where do the risk assessment questions originate from? The questions have been digitized and pulled directly from AUSTRAC inherent risk scenarios.

• How is the final risk rating calculated? The system automatically attributes ratings ranging from Low to High depending on which scenario-based risks you flag as "Yes".

Troubleshooting Tips

• If the overall onboarding is marked as high-risk unexpectedly, double-check your assessment to ensure you haven't accidentally selected "Yes" for a high-risk scenario, such as the entity being located in a high-risk country.