AML 5.1.1

A Relevant Person must:

(a) take appropriate steps to identify and assess money laundering risks to which its business is exposed, taking into consideration the nature, size and complexity of its activities;
(b) when identifying and assessing the risks in (a), take into account, to the extent relevant, any vulnerabilities relating to:
(i) its type of customers and their activities;
(ii) the countries or geographic areas in which it does business;
(iii) its products, services and activity profiles;
(iv) its distribution channels and business partners;
(v) the complexity and volume of its transactions;
(vi) the development of new products and new business practices, including new delivery mechanisms, channels and partners; and
(vii) the use of new or developing technologies for both new and pre-existing products;
(c) take appropriate measures to ensure that any risk identified as part of the assessment in (a) is taken into account in its day to day operations, including in relation to:
(i) the development of new products, business practices and technologies referred to in AML Rule 5.1.3;
(ii) the taking on of new customers; and
(iii) changes to its business profile.
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]