FINTRAC Risk Assessments
A Risk Assessment is the foundation of an effective AML compliance program and an essential FINTRAC requirement. Soteria Protection helps businesses identify, assess, and document their money laundering and terrorist financing risks clearly, defensibly, and in line with how they actually operate.
We design and deliver practical, regulator-ready risk assessments focusing on residual risk . A Risk Assessment will not only help your business define its AML/TF framework, but it will also help to protect your company from fraud, penalties, and reputational risk.
What is a Risk Assessment?
The purpose of a Risk Assessment is two-fold; first it identifies where your business is most vulnerable to money laundering and terrorist financing and second it outlines how those risks are mitigated. FINTRAC requires a Risk assessment to focus on calculating residual risk, which is the risk remaining after applying mitigation measures to inherent risks.
FINTRAC requires reporting entities to assess risk across key areas, including:
- Products and services
- Delivery channels
- Clients and business relationships
- Geographic exposure
Your Risk assessment is critical to your business as it informs policies, procedures, controls, and ongoing monitoring and it is often one of the first documents reviewed during a FINTRAC exam.
Our Risk Assessment Services
Risk Identification & Analysis
We begin by conducting an extensive interview to identify inherent risks across your business activities, considering:
- Nature and complexity of products, services and delivery channels
- Client and business relationships and transaction behaviour
- New developments and technologies
- Geographic risk factors
- Foreign and domestic affiliates
- Other relevant factors such as legal corporate structure
Risks are assessed using a structured, defensible methodology aligned with FINTRAC guidance.
Risk Scoring & Classification
Following the interview process , we assess and provide advice on:
- Inherent risk levels
- Mitigating controls
- Residual risk outcomes
This allows you to clearly demonstrate how risk is identified, measured, and managed which is exactly what regulators are expecting to see.
Documentation & FINTRAC Alignment
We deliver a clear, written Risk Assessment that:
- Meets FINTRAC expectations and incorporates findings from Canada’s National Inherent Risk Assessment.
- Aligns with your AML policies and procedures
- Supports enhanced due diligence where required
- Is audit-ready and easy to update
No complicated language. No over-engineering.
Reviews & Updates
Risk assessments are not one-time exercises. At minimum FINTRAC requires your Risk Assessment be updated every 2 years. We also review and update Risk Assessment when:
- Your business model changes
- New products or services are introduced
- Regulatory guidance evolves
- You are preparing for a practice review or audit
We ensure your assessment stays current and defensible.
Who needs this Service?
Our Risk Assessment services are for regulated Canadian businesses, including:
- Accounting and professional services firms
- BC Notaries
- Dealers in previous metals and stones
- Fintech companies
- Life insurance
- Money services businesses (MSB)
- Real estate pressionals
Whether you are building your first Risk assessment or updating an existing one, we tailor our approach to your business and risk profile.
Why work with Soteria Protection?
- We are specialists in Canadian AML and FINTRAC compliance
- We provide practical, business-first risk assessments
- Our documentation is clear so that staff and regulators can follow
- We work holistically so that your Risk assessment is integrated with your full compliance program
Get Started with a Risk Assessment
A strong Risk Assessment strengthens every part of your AML program and reduces regulatory risk. Soteria Protection helps you meet FINTRAC requirements with clarity and confidence.
Reach out for a complimentary consult.