| Electronic money institutions, foreign exchange dealers, money remitters and payment service providers are highly attractive to organised criminal networks because they enable the rapid movement of funds across borders, currencies, and digital platforms often with limited face-to-face interaction and high transaction volumes.
Criminals may exploit these services to place, layer, and integrate illicit funds through complex payment chains, prepaid instruments, virtual accounts, or cross-border remittance networks that obscure the origin and destination of money. To counter these threats, it is vital that these providers maintain a robust, enterprise-wide money laundering, terrorism and proliferation financing risk assessment framework. By systematically identifying and understanding their exposure to financial crime risks and assessing the design and operational effectiveness of mitigating controls in a manner proportionate to their business model, size and complexity, they can strengthen regulatory compliance, protect consumers and uphold the integrity and trust essential to global payment ecosystems. |
About Arctic Intelligence’s Risk Assessment Platform
Arctic Intelligence’s Risk Assessment Platform can be used by smaller reporting entities out-of-the-box with standardised risk and control libraries or configured by medium and larger enterprises to suit any enterprise risk management framework.
Our multi-award-winning platform is highly-configurable and can be tailored to suit your methodology, risk indicators, applying risk and/or control weightings as appropriate, with a full audit trail and real-time data aggregation of individual business lines or consolidated across enterprises.
Designed by experts to support your industry
The money laundering, terrorism and proliferation financing risk and control module contains a library of risks, controls and control tests designed specifically for different types of Electronic Money, Foreign Exchange, Money Remitters, Foreign Exchange and Payment Service Providers:
Electronic Money and Emoney Providers
Foreign Exchange Businesses
Money Services and Remitters
Payment Service Providers
What’s included in the content module?
Each of our expert-designed risk modules contain an Enterprise-Wide Risk Assessment, a Product and Services Risk Assessment and a Country Risk Assessment containing hundreds of risk indicators and risk factors, grouped under different risk categories and risk groups.
In addition to a fully comprehensive risk library, our module also contains a library of controls and control tests that you can use to assess the design and operational effectiveness of your control environment.
Our content modules can be used out-of-the-box, easily modified to suit your requirements or you can simply build and import your own risk and control content. We can support implementation directly or through our growing advisory network.
What’s the content module structure?
Our content modules contain hundreds of different risk factors and risk indicators combined with hundreds of controls and control tests, aligned to the following structure.
| External Threat Environment | Internal Threat Environment | ||
|
Exposure to External Risks - Money Laundering or Terrorism Financing Risks; Proliferation Financing Risks; Sanctions or Geopolitical Risks; Fraud and Scam Risks and Other Financial Crimes. National Risk Assessment Considerations - Criminal Threats; Sector Vulnerabilities; Regulatory Expectations; Enforcement and Supervision; International Standards and Divergence; Legal and Judicial Systems and Emerging Regulations. |
Exposure to Internal Risks - Governance and Oversight; AML/CTF Program Alignment to Risks; AML/CTF Program Non-Compliance and Regulatory Reporting. Exposure to Operational Risks - Business Location Risk; Outsourcing Risk; Employee Risk; New or significant business changes and Emerging or forward looking risks. |
Why choose the
Risk Assessment Platform?
How does it work?
The diagram below visualises recognised industry best risk assessment practices overlaid against the features within the Risk Assessment Platform that supports these processes.
