According to FINTRAC as quoted in the Course Sourcebook (fill in the blanks):A Risk-Based Approach (RBA) is a “process that allows entities to and potentially higher risks for money laundering and terrorist financing, strategies to those risks, and focussing resources in areas that are considered to be higher risk”.

Then, after reading Chapter 1, watching the lecture, and attempting the Online assignment, refer to the attached link: https://www.rba.gov.au/publications/fsr/2023/apr/contents.html (You can just read the executive summary. But, feel free to read the whole document if it is of your interest)What are the current key risks to our financial systems identified in the review and explain how these risks may impact our financial system?

Risk Management

Which of the following statements is TRUE?FATF Standards consist of Recommendations & Methodology to assess compliance & effectiveness of AML/CTF systems.A Risk-Based approach (RBA) is applied under the FATF Recommendations and under Australian law when financial institutions carry out Customer Due Diligence and adopt and apply an AML/CTF Risk Management Program.Members of FATF are not subject to peer evaluation of compliance with FATF Standards.Group of answer choicesAnswers I and II onlyNone of the available answersAnswers II and III onlyAnswers I and III onlyAll available answers

________ model is famous for risk analysis.

Risk” usually _______ as the project progresses.