RBA-PRISM™
RBA(Risk Based Approach)
A policy introduced in 2016 starting with the Banks
This is a policy for risk assessment and management related to money laundering by deriving risk factors and preparing management measures to constantly reduce threat, and for self-evaluating 190 indicators set by the Financial Intelligence Agency(FIU) and reporting the results to the Financial Intelligence Agency(FIU) every quarter.
- Major Functions
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- Risk identification, Analysis and evaluation
- Monitoring and performance management, KoFIU reporting index maintenance and reporting
- Characteristics
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- Identify the risk of money laundering existing in financial institutions and establish appropriate internal control activities to reduce the risk to derive residual risk through assessment of risk/control activities.
- Internal control systems that reduce risk associated with money laundering through ongoing risk mitigation activities
