2018 i\ilol'.'BY LAUNDERING AND PRoCEEDs oF Cru-wm Arvrr'NDMEi'.'T No.lZ (a) to identify and assess the money laundering and terrorist financing risks associated with all types of legal persons created or operating in the country; and (b) to identify and assess the money laundering and terrorist financing risk; that may arise in relation to new products and new business practices, including ne\v delivery mechanisms, and the use or new or developing technologies for both ne\v and pre-existing products. (4) In the performance of ils duties under this section, the Unit may require any person or entity to provide such information as the lJnit considers necessary or to take part in the risk assessment process or provide such other cooperation as may be reasonably necessary for the risk assessment. (5) The Unit shall timeously submit results of any national risk assessment to the rvfinister and lo the Advisory Committee and to all relevant persons, entities and institutions as are reasonably interested in such results. (6) The Unit shall ensure that relevant risk assessments are undertaken regularly and kept up to date. (7) Competentauthorities and other institutions with responsibilities for combating money laundeling and terrorist financing, must pay due regard to the results and recommendations contained in a 1isk assessment report issued by the Unit and shall implement applicable anti-money lanndeting and anti-financing of terrorism measures, commensurate with the risk. 128 Assessing risks and implementing risk-based approach by financial institutions and designated non-financial businesses and professions ( 1) Eve1yfinancial institution and designated non-financial business or profession shall assess the money laundering and terrorist financing risks to which it is exposed, and shall maintain adequate records thereof (2) Based on the risk assessment, the financial institution or designated non-financial business or profession shall implement prescribed anti-money laundering and anti-financing of terrorism measures, commensurate with the identified risks, that is to say- (a) shall implement enl1anced measures for high risk customers, products, services or situations, as appropriate; and (b) may implement simplified or reduced measures for lmv risk customers, products, services or situations, as appropriate: Provided that it shall not be permissible for a financial institution or designated non-financial business or profession to dispense with any prescribed anti-money laundering measures on the grounds that it considers the risk to be low. (3) Every financial institution or designated non-financial business or profession shall review and update its risk assessment regularly to take into account material changes in risk factors and shall maintain records of such reviews and updates. (4) Before launching any new product, service or business practice, and before the use of any new technological innovation, for both new and 523