1. Each Member State shall carry out a national risk assessment to identify, assess, understand and mitigate the risks of money laundering and terrorist financing, and the risks of non-implementation and evasion of targeted financial sanctions affecting it. It shall keep that risk assessment up to date and review it at least every 4 years.
Where Member States consider that the risk situation so requires, they may review the national risk assessment more frequently or conduct ad hoc sectoral risk assessments.