Financial Crime Risk Assessment

Financial Crime Risk Assessment Template for Switzerland

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Key Requirements PROMPT example:

"Need to create a Financial Crime Risk Assessment for our newly established Swiss fintech company that's launching cryptocurrency trading services in March 2025, with particular focus on digital asset risks and online customer onboarding."

Document background

The Financial Crime Risk Assessment is a crucial regulatory requirement for financial institutions operating under Swiss jurisdiction. It serves as a fundamental tool for identifying, assessing, and managing financial crime risks in compliance with Swiss regulations, particularly FINMA requirements and the Federal Act on Combating Money Laundering and Terrorist Financing. The document is typically prepared annually or when significant changes occur in the business model, risk landscape, or regulatory environment. It encompasses detailed analysis of inherent risks, control effectiveness, and residual risks across all business areas, providing senior management and regulators with a comprehensive view of the institution's financial crime risk profile and control framework. This assessment forms the basis for risk-based allocation of resources, enhancement of control measures, and strategic decision-making regarding risk appetite and mitigation strategies.

Suggested Sections

1. Introduction and Scope: Purpose of the risk assessment and scope of activities/entities covered

2. Executive Summary: Overview of key findings, risk ratings, and major recommendations

3. Methodology: Description of the risk assessment approach, scoring criteria, and data sources used

4. Inherent Risk Assessment: Analysis of risks inherent to the business model, products, services, customers, and geographical presence

5. Control Environment: Evaluation of existing controls, policies, procedures, and systems for financial crime prevention

6. Residual Risk Assessment: Assessment of remaining risks after considering control effectiveness

7. Regulatory Compliance Status: Review of compliance with applicable Swiss regulations and international standards

8. Risk Mitigation Recommendations: Specific actions recommended to address identified gaps and enhance controls

9. Implementation Plan: Timeline and responsibilities for implementing recommended actions

Optional Sections

1. Transaction Monitoring Analysis: Detailed review of transaction monitoring systems and alerts - include when automated monitoring systems are in place

2. Sanctions Screening Assessment: Evaluation of sanctions screening processes and tools - include for institutions with international exposure

3. Digital Services Risk Analysis: Assessment of risks related to digital/online services - include when digital channels are offered

4. Correspondent Banking Risk Assessment: Analysis of correspondent banking relationships and associated risks - include for banks with correspondent relationships

5. Wealth Management Risk Profile: Specific analysis of private banking/wealth management risks - include for institutions offering these services

6. Crypto Asset Risk Assessment: Evaluation of risks related to cryptocurrency and digital assets - include when dealing with virtual assets

Suggested Schedules

1. Risk Assessment Matrix: Detailed scoring matrix showing inherent risks, controls, and residual risks by category

2. Control Testing Results: Summary of testing performed on key controls and findings

3. Statistical Analysis: Quantitative analysis of customer base, transaction patterns, and risk indicators

4. Regulatory Requirements Mapping: Mapping of applicable regulatory requirements to existing controls

5. Action Plan Timeline: Detailed project plan for implementing recommendations

6. Risk Assessment Methodology: Detailed explanation of risk scoring methodology and criteria

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking

Asset Management

Insurance

Financial Services

Wealth Management

FinTech

Cryptocurrency and Digital Assets

Payment Services

Securities Trading

Fund Management

Relevant Teams

Compliance

Risk Management

Internal Audit

Legal

Operations

Senior Management

Board of Directors

Financial Crime Prevention

Due Diligence

Regulatory Affairs

Relevant Roles

Chief Compliance Officer

Head of Financial Crime Prevention

Risk Manager

Money Laundering Reporting Officer

Compliance Manager

Chief Risk Officer

Internal Audit Director

AML Compliance Officer

Regulatory Compliance Manager

Head of Legal

Due Diligence Officer

Financial Crime Analyst

Board Member

Chief Executive Officer

Head of Operations

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Authors

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