A money laundering prevention program administered by a financial institution. A plurality of risk factors associated with a potential for conducting illicit activities in connection with an account held at the financial institution are identified. The risk factors include jurisdiction-based risk factors, entity type-based risk factors, and/or business type-based risk factors. The risk factors are ranked and, based on the rank, each of the risk factors is assigned to a tier. Each of the tiers represents a level of risk that illicit activities will be conducted in connection with the account.