AML Firm Wide Risk Assessments - Getting Them Right

Introduction

The firm-wide risk assessment is one of, if not the, most important AML documents you will have in your business. It is often described as the backbone of money laundering compliance in your firm. Once this is in place all your policies and procedures, training and due diligence will flow from it.

Regulation 18 of the Money Laundering Regulations 2017 made it a legal requirement that all firms subject to the regulations must have this written document in place. It helps to identify the risks your business faces.

Although many templates are in circulation it is a very specific document to your business and must be personalised to suit your firm.

The regulations tell us the five key areas to focus on - clients, geographic, products and services, transactions, and delivery channels but there are many other elements that need to be considered.

As this document is always the first thing the regulators ask for when preparing for a visit, and some regulators ask you to sign a declaration to confirm you are compliant with the MLR 2017, it is important to get this right.

This new virtual classroom seminar will show you how.

What You Will Learn

This live and interactive session will cover the following:

• Regulation 18 of the MLR 2017 - legal requirement
• The National Risk Assessment (NRA) and Sectoral Risk Assessment - things to consider
• Planning the firm wide risk assessment:
• Do I want to use a template?
• What questions do I need to ask?
• Who else needs to be involved in preparing the risk assessment?
• Where can I get my information from?
• What resources can I use to help with putting this risk assessment together - sector specific guidance
• Living document - how often do I need to review and update?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.