AML Risk Assessment and Compliance Review

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What is Anti-Money Laundering (AML) Risk Assessment?

Anti-money laundering is a rule to prevent and detect any financial crime, including the offences found in money laundering and terrorist financing, for example, securities fraud & market manipulation. AML risk assessment helps fight against financial criminals hiding profits from crime.

With the growing technologies, criminals have found a new way to launder money through the technology advancement in recent years. It is very important for companies to take all such precautions to fight and detect terrorist financing and money laundering.

Companies should know what are the conditions that increase the involvement of customers in money laundering. An AML risk assessment by experts is very important to avoid further financial crime.

Why Is AML Risk Assessment Required?

With the advancement in technology, in the present scenario, the new cybercrime is the new offence. Companies today need to be updated with the latest approaches in technology by monitoring the various transactions made by their customers.

When it comes to Anti-money laundering, companies need to approach the experts in AML risk assessment & compliance. Our company, Enterslice, has professionals who provide service on dozens of AML risk assessments for companies.

AML risk assessment is helpful for companies by using advanced technology such as AML compliance software, which helps the companies to strengthen their know-your-customer compliance. This KYC compliance helps companies to initiate programs on anti-money laundering and risk-based approaches and, thus meet regulatory compliances

Enterslice professionals in AML Risk Assessment and Compliance Review experts will help the companies in the following ways

  • We shall organize programs to reduce the risk of money laundering.
  • To detect and prevent money laundering, we shall take a risk-based approach for the company.
  • To evaluate the risk a customer would bring to the company.
  • To reduce the advanced risk of a financial crime, our professionals shall assist in creating policies, procedures, and control programs for money laundering.
  • To identify the appropriate risk in the sanctioned country on its transactions and relationships.
  • To organize a program for evaluating risk reduction.

Importance of AML Risk Assessment

AML risk assessment is crucial for financial companies to maintain the integrity of the financial system. The AML risk assessment programs help the company to evaluate and shape the strategies for identifying and preventing money laundering activities in the company.

AML risk assessment helps the company analyze vulnerabilities and tailor its AML risk assessment program.

AML risk assessment helps the company mitigate the various risk factors, which include customer profiles, transaction patterns, or geographical exposures. This approach to risk assessments helps the company comply with all the AML risk assessment regulations based on local and international compliance requirements. With the help of professionals in AML Risk Assessment, the company can also protect itself from financial fraud associations, thus safeguarding its reputation in the market.

Steps for Anti-Money Laundering Risk Assessment

Anti-money laundering risk and compliance require a professional to avoid the risk of money laundering activity in the company. AML risk assessment required continuous monitoring of the activities in the company, a well-framed structure to avoid the risk involved in the transactions or the relationships, etc.

With the continuous financial landscape shifting, the company should have a program on the various risk levels in the AML risk assessment and compliance review program to avoid the potential risk involved.

Our professionals will assist in the Anti-Money Laundering Risk Assessment in the following steps

Risks & its identification

This risks & identification assessment helps the company to monitor the illegal activities involved in money laundering; this assessment helps the company as an indicator, figuring out the risk profile in the transactions, customers, etc. A few of the categories that a company needs to keep in mind while identifying the risk assessments are different types of customers, the nature of the business, its complexity, size, geographical risks, and the nature of services and products offered.

Collection of Data & its analysis

In this financial evolution, offenders play different roles, creating a network across the world. To understand the comprehensive data in effective AML risk assessment, the company shall adopt and create technological tools to collect data and analyze the risk behind money laundering.

Classification of risk

Our Enterslice professionals will assist in the risk evaluation in various forms by evaluating the risk factors in the company's AML compliance and thus moulding the AML evaluation precisely.

Strategies for risk mitigation

To avoid any complexity in framing the strategy on risk mitigation, a company needs to consult a professional for the smooth functioning of due diligence, monitoring real-time transactions, reporting on suspicious activities to the relevant authorities, etc.

Monitoring risk assessment and adjustments

With the constant dynamic changes in the financial market, it is vital for the company to monitor the customer risk range, constant evaluation, and, if required, adjust the same. Companies, with the help of professionals, can adjust and adapt to the evolving landscape in the regulatory framework to avoid financial crime and customer risk.

Record keeping & Paper works

The AML risk assessment process and compliance review strategies and its framework need to be recorded and kept in safe hands to avoid any kind of non-compliance and risk to financial institutions. Such records and Paper works are required to be reported timely to the regulatory authorities for the transparency of AML compliance.

KYC compliance

The company to identify the high-risk in the customer and its verification, KYC(know your customer) compliance review is to be implemented for robust AML risk assessment.

  • With the implementation of Know Your Customer, the company decreases the level of risk involved in AML compliance in financial institutions, thus recognizing the high-risk customer.
  • Blending with software in AML compliance- To add to the value of human intelligence, most of the company takes a dynamic approach to the risk of compliance by implementing AML software for easier solutions, enhancing automated data analysis, transactions, and flagship on high-risk and thus furnish invaluable insights into the behaviour of the customers.

Challenges in AML Risk Assessment

Conducting an investigation into the high risk of customers involved in money laundering activity requires a professional to save the financial institution from reputational damage due to comprehensive risk in the customer relationship with the financial institutions. To ensure compliance, we have experts working on dozens of AML risk assessments.

There are several regulatory requirements, customer due diligence, and challenges involved in the AML risk assessment, from framing the structure for the AML review and compliance to ensuring data accuracy, identification of risk mitigations, and potential money laundering. To avoid jeopardizing the company and its reputation in the financial market, a financial institution is advised to have professionals assist in the AML risk assessment and compliance review, thus assisting in the transaction monitoring of the financial institution.

Enterslice, as a consultancy company, provides a service assisting the financial institution in taking all the risk mitigation measures as a risk indicator in money laundering, thus navigating our client to get the best approach to AML risk assessment.

Third-Party Money Laundering Risks

Money laundering is one of the major threats to the integrity of the financial institution. Among all the illegal methods of exposure to money laundering, one of the major contributions to the illegal activities of financial institutions is third-party customer profile involvement in the transaction of the financial institution.

Third-party money laundering is the process of concealing the origin-destination of illicit funds used by the third party as a supplier, consultant, distributor or service provider.

Our professional will help our client screen and manage risk in the third party involved in the company's money laundering activity. With the assessment of the AML risk assessment review experts, the company will reduce the financial risk involved in any kind of transaction with the company.

Some of the examples of third-party money laundering that pose a significant risk to financial institutions are Fraud and nonpayment, limited familiarity, reputational damage, false identities, complexity in the transactional chain, etc.

The involvement of third-party money laundering or terrorist financing activity in the company should not be taken lightly; therefore, to mitigate these key risks, a company should get the assistance of professionals to implement robust due diligence.

Data Collection and Analysis

Data collection plays a very important role in the financial institution. In the current generation of Artificial Intelligence, data is the lifeline of financial institutions and other organizations. Data are generally used to identify the inherent risk of financial companies, target customers, compliance proof, etc.

In the money laundering risk assessment, the requirements of data identification and combating financial crime are complex.

One of the major data under the AML risk assessment is the know your customer (KYC) regulatory requirements compelled by the various financial institutions to get the details of the customers and their transactions and act as key risk indicators. Thus, KYC monitors each and every customer transaction.

Frequently Asked Questions

It is an onboarding process designed to evaluate and detect the effectiveness of risk mitigation of money laundering and terrorist financing related to financial institutions and to protect the company from advanced risk before it occurs.

Anti-money laundering compliance review is a method of regulating or implementing the risk exposure of the company, in the best and correct procedures in anti-money laundering based on the regulations of the Money Laundering Act or if the organization has fulfilled the same.

The first and foremost assessment process for AML risk assessment and risk is to create suitable Paper works regarding the KRIs(key risk indicators) to relate to the business. This assessment will be supported by the risk analysis, thus reducing the financial institution's overall risk.

The three categories of risk under AML are geographical location, customers and services, and products.

Biggest AML risk include unusual transactions, Suspicious Geographical activity etc.

AML measure is basically a risk assessment that will protect the company from criminal activities that involve manipulating money and its transactions unethically. Hence AML lowers the risk of money laundering threats to the company.

AML Documents include KYC (know your client). This helps the company to know and identify customers, which includes the residential address of the customer. With the help of KYC, exposure to money laundering would be visible to the company.

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