Client Risk Assessment Form

Client Risk Assessment Form Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Client Risk Assessment Form compliant with Saudi Arabian banking regulations for assessing high-net-worth individual clients, with enhanced due diligence sections and specific focus on international transaction monitoring, to be implemented by March 2025."

Document background

The Client Risk Assessment Form is a mandatory document required by Saudi Arabian financial regulators for evaluating the risk level of clients in regulated entities. It is designed to comply with SAMA and CMA regulations, including anti-money laundering laws, counter-terrorism financing requirements, and know-your-customer guidelines. The form must be completed for all new client relationships and updated periodically for existing clients. It captures essential information about the client's identity, business activities, transaction patterns, and risk factors, enabling institutions to apply appropriate due diligence measures and monitoring protocols. This risk-based approach helps financial institutions in Saudi Arabia maintain regulatory compliance while effectively managing their client risk exposure.

Suggested Sections

1. Client Information: Basic identification details including full name, contact information, and national ID/commercial registration details

2. Purpose and Nature of Business Relationship: Details about the intended relationship, expected transaction types and volumes

3. Source of Funds/Wealth Verification: Information about the client's source of funds and wealth, including supporting documentation

4. Risk Factor Assessment: Evaluation of geographic risk, customer risk, product/service risk, and delivery channel risk

5. PEP (Politically Exposed Person) Screening: Determination of PEP status and associated risk factors

6. Sanctions Screening: Confirmation of screening against relevant sanctions lists

7. Risk Scoring Matrix: Calculation and documentation of overall risk score based on various factors

8. Risk Classification: Final risk categorization (High/Medium/Low) with justification

9. Review and Approval: Section for compliance officer review and approval with date and signatures

Optional Sections

1. Corporate Structure Analysis: For corporate clients - detailed analysis of ownership structure, beneficial owners, and group companies

2. Enhanced Due Diligence Findings: For high-risk clients - additional due diligence measures and findings

3. Cross-Border Activities: For clients involved in international business - assessment of cross-border risk factors

4. Industry-Specific Risk Factors: For clients in high-risk industries - specific industry risk assessment

5. Related Party Information: For clients with significant related party transactions - assessment of related party risks

Suggested Schedules

1. Appendix A - Required Documentation Checklist: List of required documents based on client type and risk level

2. Appendix B - Risk Scoring Methodology: Detailed explanation of risk scoring criteria and calculation method

3. Appendix C - High-Risk Indicators: Comprehensive list of high-risk indicators and red flags

4. Appendix D - Monitoring Requirements: Schedule of ongoing monitoring requirements based on risk classification

5. Appendix E - Regulatory References: Reference to relevant SAMA and CMA regulations applicable to the risk assessment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking

Financial Services

Investment Management

Insurance

Money Services Business

Securities Trading

Asset Management

Corporate Services

Professional Services

Real Estate Investment

Wealth Management

Relevant Teams

Compliance

Risk Management

Anti-Money Laundering

Know Your Customer

Client Onboarding

Due Diligence

Financial Crime Prevention

Legal

Operations

Client Relations

Relevant Roles

Compliance Officer

Risk Manager

AML Specialist

KYC Analyst

Relationship Manager

Due Diligence Officer

Chief Risk Officer

Compliance Director

Financial Crime Specialist

Client Onboarding Manager

Senior Compliance Analyst

Risk Assessment Specialist

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