M26098 – Customer Risk Assessment & the Risk-Based Approach

Registration Time: 13:15
Sessions Time: 13:30 – 15:30 including a 15-minute break
Speaker: Dr Elizabeth Sammut Borg
Venue: Online Webinar

Participation Fees

MIA Members: €28.00
Non-MIA Members: €50.00
Retired Members: €15.00
Students: €20.00

*Group bookings for 3 or more participants available.

Background Information

A robust Customer Risk Assessment (CRA) is fundamental to an effective risk-based approach (RBA) to AML/CFT. It enables organisations to understand who their customers are, assess the level of money laundering and terrorist financing risk they present, and apply proportionate due diligence measures throughout the customer relationship.
Customer risk assessments play a critical role in the onboarding process, ensuring that firms collect the appropriate information, apply the correct level of Customer Due Diligence (CDD), and identify where Enhanced Due Diligence (EDD) may be required. They should also align with the firm’s Business Risk Assessment (BRA) to ensure customer risks are assessed consistently within the organisation’s overall risk framework.

This practical session will provide attendees with a clear understanding of customer risk assessments, their interaction with the Business Risk Assessment, and how to apply the risk-based approach effectively in line with regulatory expectations.

Specific topics to be covered during the session

• Introduction to Customer Risk Assessment (CRA): Purpose and regulatory expectations.
• Customer Risk Assessment and Onboarding: Understanding your customer and determining the appropriate level of due diligence.
• The Interaction between the CRA and the BRA: Ensuring customer risks are assessed consistently within the firm’s overall risk framework.
• Applying the Risk-Based Approach: Using customer risk assessments to determine the appropriate level of CDD, EDD, and ongoing monitoring.
• Common Challenges and Best Practices: Practical examples and common deficiencies identified during supervisory reviews.

Why is the session of relevance to our members?

An effective Customer Risk Assessment is the foundation of a strong AML/CFT framework. This session will provide practical guidance on conducting customer risk assessments, strengthening onboarding processes, and applying a consistent risk-based approach in line with regulatory expectations. Attendees will gain practical insights to enhance compliance and improve the effectiveness of their AML/CFT controls.

Target Audience

Subject Persons, Compliance Officers, MLROs, Directors of Subject Persons, Compliance Executives.

Speaker’s Profile

Dr. Elizabeth Sammut Borg, a seasoned lawyer and compliance specialist, currently holds the position of Money Laundering Reporting Officer (MLRO) and Compliance Officer for Investment Firms, CSP and Retirement Pension Scheme companies. Previously, Elizabeth headed the the compliance and legal division as Director of Legal and Compliance at Dixcart Management Malta Limited, serving also as MLRO and Compliance Officer on companies licenced to offer CSP and trustee services.

As a dedicated compliance specialist, Elizabeth focuses on navigating the intricate landscape of anti-money laundering and counter-financing of terrorism regulations as well as specialising in regulatory compliance for CSPs and trustees. Her extensive experience extends to serving as MLRO for CSPs, Trustees, and Fiduciaries, as well as retirement pension schemes companies. Beyond her role, Elizabeth provides AML training and guidance contributing to the development and enhancement of compliance standards within the industry. Dr Borg graduated as a lawyer in 2010, subsequently reading Master’s Degree in International Criminal Law, with the United Nations Interregional Crime Institute in Turin. Before joining Dixcart, Elizabeth served as an employment law prosecutor and also worked at the Court of the European Union in Luxembourg, as a legal jurist in the research and documentation department.

Event CPE Competencies

2 Core

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