Risk Assessment

Customer Risk Rating Guideline Q1 2025 - Risk Assessment Framework Lan’s Enterprise Limited Training Program Training Objectives What you’ll learn today: Understand the risk-based approach (RBA) to AML/CFT compliance Identify key risk factors in customer assessment Apply the customer risk rating framework Recognize high, medium, and low risk indicators Implement ongoing monitoring and risk reassessment The Risk-Based Approach Two Pillars of AML/CFT Compliance Holistic Risk Assessment Business-wide risk evaluation Product, service, and channel analysis Targeted Risk Assessment ...

Enhanced Customer Due Diligence ECDD Best Practice Lan’s Enterprise Limited Training Program Training Objectives What you’ll learn today: Define clear internal criteria for identifying ECDD category customers Demonstrate effectiveness of automated and manual ECDD systems Apply risk-based approach to Source of Funds/Wealth verification Implement proper documentation and monitoring procedures Recognize key risk indicators requiring enhanced verification Why ECDD Matters Critical Foundations ECDD is mandated by AML/CFT regulations when higher risk is identified ...

AML Compliance Case Study SkyCity Casino $4.16M Fine Lan’s Enterprise Limited Training Program Presented by: Angela Ji Contact: aml@gmfinance.co.nz Emergency Hotline: +64 09-309-8808 Overview Major AML/CFT breaches spanning 5 years (2018-2023) Systemic failures in compliance program $4.16M penalty imposed by regulators Focus on international business customers No direct evidence of money laundering found, but serious control gaps identified Key Compliance Failures Risk Assessment & Program Management Inadequate AML/CFT compliance programme Failures in risk assessment processes Systemic non-compliance with core obligations Customer Due Diligence Poor monitoring of accounts and transactions Insufficient enhanced due diligence Failures to terminate high-risk relationships Timeline Violations occurred Feb 2018 - March 2023 DIA review conducted Sept 2022 - Dec 2023 Penalty finalized January 2025 Regulatory Context “Casinos can be an attractive way for criminals to launder proceeds of crime. We cannot take the risk that criminals might choose New Zealand casinos as a way of cleaning their dirty money. Casinos must have robust processes in place to protect them from misuse.” ...