A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for...

Reviewing the Risk Assessment:

A risk assessment reveals whether privately-owned ATMs are identified and properly evaluated in terms of potential AML risks.

Auditor's Task:

Confirm that specific policies and procedures are now in place to address identified risks from the previous assessment.

Relevance to CAMS-Audit Standards:

Risk assessments are fundamental in identifying gaps in policies and procedures for high-risk areas like privately-owned ATMs​​.