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  • FC-C.1 FC-C.1 Risk Based Approach

    • FC-C.1.1

      Licensees must implement Risk Based Approach (RBA) in establishing an AML/CFT/CPF program and conduct ML/TF/PF risk assessments prior to and during the establishment of a business relationship and, on an ongoing basis, throughout the course of its relationship with the customer. The licensee must establish and implement policies, procedures, tools and systems commensurate with the size, nature and complexity of its business operations to support its RBA.

      Added: January 2022

    • FC-C.1.2

      Licensees must perform enhanced measures where higher ML/TF/PF risks are identified to effectively manage and mitigate those higher risks.

      Added: January 2022

    • FC-C.1.3

      Licensees must maintain and regularly review and update the documented risk assessment. The risk management and mitigation measures implemented by a licensee must be commensurate with the identified ML/TF/PF risks.

      Added: January 2022

    • FC-C.1.4

      A Licensees must allocate adequate financial, human and technical resources and expertise to effectively implement and take appropriate preventive measures to mitigate ML/TF/PF risks.

      Added: January 2022