AML/CFTR 3.2.3 Scoring business relationships — types of customers

A firm must include, in its methodology, a statement of the basis on which business relationships with customers will be scored, having regard to the different types of customers it has (and proposes to have).

Example

The risk to the firm from a salaried employee whose only transactions are derived from electronic payments made by the employee's employer are likely to be much lower than the risk to the firm from an individual whose transactions are cash-based with no discernible source for those funds.

Derived by QFCRA RM/2019-8 (as from 1st February 2020)