Risk Analysis

(1) Obliged entities shall identify and assess the money laundering and terrorist financing risks attaching to the business they conduct. In doing so they shall take particular account of the risk factors set out in Annexes 1 and 2, and of the information made available on the basis of the national risk analysis. The scope of the risk analysis is to be determined by the nature and scale of the obliged entity's business.
(2) Obliged entities shall 1. document the risk analysis, 2. review the risk analysis regularly and update it where necessary, and 3. make the current version of the risk analysis available to the supervisory authority on request.
(3) For obliged entities that are the parent undertaking of a group, subsections (1) and (2) apply in respect of the group as a whole.
(4) The supervisory authority may, on application by an obliged entity, exempt it from documenting the risk analysis where the obliged entity can demonstrate that the specific risks existing in the relevant area are clearly apparent and understood.