The risk-based approach (RBA) is essential for implementing the FATF recommendations on anti-money laundering and counter-terrorism financing (AML/CFT). The FATF RBA Guidance provides specific guidance for legal professionals and supervisors, considering different business structures and risk profiles. It emphasizes the importance of assessing AML/CFT risks as a starting point and the crucial role of senior management in promoting a culture of compliance. Additionally, it highlights the need to design due diligence policies and procedures that align with the identified risks. The guidance also addresses supervision and monitoring, emphasizing the importance of monitoring beneficial ownership and maintaining timely, up-to-date information.